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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 :
- 4:30am EST- UK Manufacturing Production
- 9:00am EST- Ben Bernanke Speaks
- 10:00am EST- US Pending Home Sales
12:00am 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 1.7535 with a stop at the most recent swing high at 1.7583. Since I was 35 pips away from the nearest 50 or 00 level I decided to put my initial target at 1.7500.
Entry: Short at 1.7535
Initial Target: 1.7500
2:30am EST- Unfortunately I was stopped out of my trade.
4:15am EST- There was a signal here, but because it was right before news, I did not enter.
7:45am 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 1.7606 with a stop at the most recent swing high at 1.7666. Since I was only 6 pips away from the nearest 00 or 50 level (1.7600), I decided to go for the same amount of pips I was risking on the trade, which in this case was 60. This put my target at 1.7546.
Entry: Short at 1.7606
Initial Target: 1.7546
8:45am EST- Unfortunately my target wasn’t hit by this point. I knew Bernanke was speaking at 9am EST, so I closed my trade out to avoid any spikes. I exited out at 1.7597.
Trade Result: -48 +9 = -39pips(NOT INCLUDING SPREAD) R-Multiple: -1.00; 0.15
News events to watch for tomorrow :
- 4:30am EST- UK Trade Balance
For a complete list of news events check out our News Section