Current Trend= The trend remained down the entire day.
Today I only looked for short trades.
News events to watch for today :
- 8:30am EST- US Trade Balance
1:00am EST– There was a moving average crossover for a short trade. RSI was less than 50, MACD was positive and losing value, but stochastics were not trending up. This cancelled out the signal and I did not enter.
2:45am 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 2.0060 with a stop at the most recent swing high at 2.0090. Since I was only 10 pips away from the nearest 50 or 00 level (2.0050), I decided to go for the same amount of pips I was risking on the trade, which in this case was 30. This put my initial target at 2.0030.
Entry: Long at 2.0060
Initial Target: 2.0030
3:30am EST– Unfortunately I was stopped out of my trade.
Trade Result: -30 pips; R-Multiple: -1.00
News events to watch for tomorrow :
- 5:30am EST– UK Trade Balance