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:
- 8:30am EST– US CPI
1:15am EST– There was a moving average crossover for a short trade. RSI was less than 50, stochastics were trending down and MACD was positive and losing value. This was a valid entry.
The entry was at the close of the candle at 1.2499 with a stop at the most recent swing high at 1.2515. Since I was 49 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.2450.
Entry: Short at 1.2499 Stop: 1.2515 Target: 1.2450
3:15am EST– Unfortunately I was stopped out of my trade. (-16 pips)
Trade Result: -16 pips R-Multiple: -1.00
News events to watch for Thursday:
- 8:30am EST– US Unemployment Claims