The trend was DOWN the entire day.
Today I only looked for short trades.
News events to watch for today :
4:45am 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 1.6675 with a stop at the most recent swing high at 1.6717. Since I was 25 pips away from the nearest 50 or 00 level I decided to put my initial target at 1.6650.
Entry: Short at 1.6675 Stop: 1.6717 Target: 1.6650
9:45am EST- Unfortunately my target wasn’t hit by this time. Since news was coming out at 10:00am EST, I decided to exit my trade. I got out at 1.6682. (-7 pips)
Trade Result: -7 pips R-Multiple: -0.16
News events to watch for Wednesday:
- 4:30am EST- UK CIPS Market Services PMI
- 8:15am EST- US ADP Employment Survey
- 10:00am EST- US ISM Non Manufacturing