The trend was UP until 11am EST. From 7am – 11am EST, a new trend change candle formed and changed the trend from up to DOWN.
Today I only looked for long trades until 11am EST. After 11am EST, I only looked for short trades.
News events to watch for today :
- 4:30am EST– UK CIPS Market Services PMI
- 8:15am EST– US ADP Employment Survey
- 8:30am EST- US Trade Balance
- 10:00am EST– US ISM Non Manufacturing
2:45am EST– There was a moving average crossover for a long trade. RSI was greater than 50, stochastics were trending up and MACD went from negative to positive. This was a valid entry.
The entry was at the close of the candle at 1.5427 with a stop at the most recent swing low at 1.5411. Since I was 23 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.5450.
Entry: Long at 1.5427 Stop: 1.5411 Target: 1.5450
4:15am EST– Unfortunately I was stopped out of my trade. (-16 pips)
4:30am EST- Didn’t even consider this possible signal because it was on a news candle. No entry.
Trade Result: -16 pips R-Multiple: -1.00