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
2:00am EST- There was a moving average crossover for a short trade. However, MACD was already negative which cancelled out the signal. No entry!
5:45am 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 1.9532 with a stop at the most recent swing high at 1.9549. Since I was 32 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.9500.
Entry: Short at 1.9532
Initial Target: 1.9500
6:30am EST– My target was hit. Price made a clean break so I moved my stop to 1.9500 and set my next target for 1.9450.
6:45am EST– Unfortunately I was stopped out at 1.9500.
Trade Result: +32 pips : R-Multiple: 1.88
News events to watch for Monday :
- 4:30am EST– UK PPI Input, UK Trade Balance