The trend was DOWN the entire day.
Today I only looked for short trades.
News events to watch for today :
- 5:00am EST- UK Inflation Report
- 8:30am EST– US Building Permits
- 9:00am EST- US S&P Case-Shiller Home Price; FHFA House Price Index
- 10:00am EST- US Consumer Confidence
5:15am 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 1.6160 with a stop at the most recent swing high at 1.6193. Since I was only 10 pips away from the nearest 50 or 00 level (1.6150), I decided to go for the same amount of pips I was risking on the trade, which in this case was 33. This put my target at 1.6127.
Entry: Short at 1.6160 Stop: 1.6193 Target: 1.6127
8:15am EST – My target wasn’t hit. Since news was coming out at 8:30am EST, I decided to manually exit my trade. I got out at 1.6141. (+19 pips)
Trade Result: +19 pips R-Multiple: 0.57
News events to watch for Wednesday:
- 4:30am EST– UK GDP
- 6:00am EST– UK CBI Distributive Trades
- 8:30am EST– US Initial Claims; Durable Goods
- 9:45am EST– US Chicago PMI
- 9:55am EST– US Univ. Of Mich. Sentiment