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Current Trend= The trend remained down the entire day.
Today I only looked for short trades
News events to watch for today :
- 2:00am EST– UK Nationwide HPI
- 8:30am EST– US Advance GDP
1:30am EST- There was a valid signal here but because it was close to a news report, I did not enter.
4:00am 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 1.9804 with a stop at the most recent swing high at 1.9832. Since I was only 4 pips away from the nearest 50 or 00 level (1.9800), I decided to go for the same amount of pips I was risking on the trade, which in this case was 28. This put my initial target at 1.9776.
Entry: Short at 1.9804
Initial Target: 1.9776
8:15am EST- My target wasn’t hit by this time and I knew that news was coming out at 8:30am EST. Because of this I closed my trade. I exited out at 1.9787.
10:45am 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 1.9809 with a stop at the most recent swing high at 1.9926. Since I was only 9 pips away from the nearest 50 or 00 level (1.9800), I decided to go for the same amount of pips I was risking on the trade, which in this case was 117. This put my initial target at 1.9602.
Entry: Short at 1.9809
Initial Target: 1.9602
2:15am EST– Unfortunately my target wasn’t hit by this time. Market volume was low and I had to finish for the day so I went ahead and closed my trade out at 1.9824.
Trade Result: +17 -15= +2 (NOT INCLUDING SPREAD: R-Multiple: 0.60; -0.12
News events to watch for tomorrow :
- 4:30am EST– UK Manufacturing PMI
- 8:30am EST– US Non Farm Employment
- 10:00am EST– US ISM Manufacturing Index
For a complete list of news events check out our News Section