The trend was DOWN until 11am EST. From 7am – 11am EST, a new trend change candle formed and changed the trend from down to UP. After 11am EST, the trend remained UP the rest of the day.
Today I only looked for short trades until 11am EST. After 11am EST, I only looked for long trades.
News events to watch for today:
2:45am 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 1.3880 with a stop at the most recent swing high at 1.3916. Since I was 30 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.3850.
Entry: Short at 1.3880 Stop: 1.3916 Target: 1.3850
3:45am EST– My target was hit. I moved my stop to 1.3850 and set my next target for 1.3800.
4:00am EST– Unfortunately I was stopped out at my original target at 1.3850. (+30 pips)
11:00am EST– Didn’t consider this possible signal because it was right before 12 noon EST.
Trade Result: +30 pips R-Multiple: 0.83