The trend was DOWN until 8am EST. From 4am – 8am EST, a new trend change candle formed and changed the trend from down to UP.
Today I only looked for short trades until 8am EST. After 8am EST, I only looked for long trades.
News events to watch for today :
- 4:30am EST– UK Retail Sales
- 8:30am EST- US Initial Claims
- 9:00am EST– US FHFA House Price Index
- 10:00am EST– US Existing Home Sales
12:30am EST– There was a moving average crossover for a short trade. RSI was less than 50, stochastics were trending down and MACD went from positive to negative. This was a valid entry.
The entry was at the close of the candle at 1.5423 with a stop at the most recent swing high at 1.5435. Since I was 23 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.5400.
Entry: Short at 1.5423 Stop: 1.5435 Target: 1.5400
3:00am EST– Unfortunately I was stopped out of my trade. (-12 pips)
Trade Result: -12 pips R-Multiple: -1.00
News events to watch for Friday: