Current Trend= The trend remained down the entire day.
Today I only looked for short trades.
2:00am EDT– 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 2.0655 with a stop at the most recent swing high at 2.0693. Since I was only 5 pips away from the nearest 50 or 00 level (2.0650) I decided to go for the same amount of pips I was risking on the trade, which in this case was 38. This put my initial target at 2.0617.
Entry: Short at 2.0655
Initial Target: 2.0617
2:30am EDT– My target was hit at 2.0617. Price made a clean break of my target so I moved my stop to 2.0617 and set my next target for 2.0600.
2:45am EDT– My 2nd target at 2.0600 was hit. This time, price did not make a clean break of my target so I took my final profit.
Trade Result: +55 pips; R-Multiple: 1.45
News events to watch for tomorrow :
- 4:45am EDT- MPC Treasury Committee Hearings
- 8:30am EDT– US GDP Annualized
- 10:00am EDT– US New Home Sales
For a list of all of tomorrow’s news events, check out our Forex Calendar