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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 :
12:15, 12:45am EST- There was a moving average crossover for a short trade but MACD was already negative so there was no entry.
10:45am 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 1.9653 with a stop at the most recent swing high at 1.9716. Since I was only 3 pips away from the nearest 50 or 00 level (1.9650), I decided to go for the same amount of pips I was risking on the trade, which in this case was 63. This put my initial target at 1.9590.
Entry: Short at 1.9653
Initial Target: 1.9590
2:15am EST- My target wasn’t hit by this time and I had to end my trading day so I went ahead and took my profit and exited at 1.9621.
Trade Result: +32 (NOT INCLUDING SPREAD: R-Multiple: 0.50
News events to watch for tomorrow :
- Tentative- UK Halifax HPI
- 4:30am EST- UK Manufacturing Production, Services PMI
- 10:00am EST- US ISM Non Manufacturing Index
- 2:15pm EST- US FOMC Statement
For a complete list of news events check out our News Section