The trend was DOWN the entire day.
Today I only looked for short trades.
News events to watch for today :
- 5:30am EST– UK CPI; BBA Mortgage Approvals
- 7:00am EST– UK CBI Distributive Trades
- 9:00am EST– US S&P Case-Shiller Home Price
- 10:00am EST– US Consumer Confidence; New Home Sales
2:45am EST– There was a moving average crossover for a short trade. RSI was less than 50, stochastics were trending down but MACD was already negative from the previous candle. This cancelled out the signal and I did not enter.
3:30am 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 1.6487 with a stop at the most recent swing high at 1.6501. Since I was 37 pips away from the nearest 50 or 00 level, I decided to put my target at 1.6450.
Entry: Short at 1.6487 Stop: 1.6501 Target: 1.6450
5;15am EST– My target wasn’t hit by this time. Since news was coming out at 5:30am EST, I decided to manually exit my trade. I got out at 1.6482 (+5 pips)
Trade Result: +5 pips R-Multiple: 0.35
News events to watch for Wednesday:
- 8:30am EST– US Durable Goods