The trend was DOWN the entire day.
Today I only looked for short trades.
News events to watch for today :
4:30am EST– There was a signal here but because it was a news candle I did not enter.
6:30am 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 1.6123 with a stop at the most recent swing high at 1.6136. Since I was 23 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.6100.
Entry: Short at 1.6123 Stop: 1.6136 Target: 1.6100
7:15am EST – Unfortunately I was stopped out of my trade. (-13 pips)
Trade Result: -13 pips R-Multiple: -1.00
News events to watch for Wednesday:
- 4:30am EST– BBA Mortgage Approvals
- 7:00am EST– BOE MPC minutes
- 9:00am EST– US FHFA House Price Index