The trend was UP until 7am EST. From 3am – 7am EST, a new trend change candle formed and changed the trend from up to DOWN. After 7am EST, the trend remained down the rest of the day.
Today I only looked for long trades until 7am EST. After 7am EST, I only looked for short trades.
News events to watch for today :
- 8:30am EST– US Initial Claims
2:15am EST– There was a moving average crossover for a long trade. RSI was greater than 50, stochastics were trending up and MACD was negative and gaining value. This was a valid entry.
The entry was at the close of the candle at 1.4538 with a stop at the most recent swing low at 1.4519. Since I was 12 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.4550.
Entry: Long at 1.4538 Stop: 1.4519 Target: 1.4550
2:30am EST– Unfortunately I was stopped out of my trade. (-19 pips)
Trade Result: -19 pips R-Multiple: -1.00