The trend was DOWN until 4am EST. From 12am – 4am EST, a new trend change candle formed and changed the trend from down to UP. After 4am EST, the trend remained UP the rest of the day.
Today I only looked for short trades until 4am EST. After 4am EST, I only looked for long trades.
News events to watch for today:
1:30am 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 1.2271 with a stop at the most recent swing low at 1.2260. Since I was 29 pips away from the nearest 50 or 00 level I decided to put my initial target at 1.2300.
Entry: Long at 1.2271 Stop: 1.2260 Target: 1.2300
2:00am EST– Unfortunately I was stopped out of my trade. (-11 pips)
7:45am EST– Didn’t consider this possible entry because it was right before the 8:00am EST news event.
Trade Result: -11 pips R-Multiple: -1.00