The trend was DOWN the entire day.
Today I only looked for short trades.
News events to watch for today :
- 5:30am EST– UK BOE Mortgage Approvals; Net Consumer Credit
- 8:30am EST- US PPI; Retail Sales
- 9:00am EST- US S&P Case-Shiller Home Price
- 10:00am EST– US Business Inventories; Consumer Confidence
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 1.6092 with a stop at the most recent swing high at 1.6118. Since I was 42 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.6050.
Entry: Short at 1.6092 Stop: 1.6118 Target: 1.6050
5:15am EST – My target wasn’t hit by this time. Since news was coming out, I decided to grab as many pips and get out off my trade. I exited at 1.6080. (+12 pips)
11:30am EST– There was a signal here but because it was right before 12 noon EST, I decided not to enter.
Trade Result: +12 pips R-Multiple: 0.46