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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 EDT– UK Claimant Count Change
- 5:30am EDT– UK BOE Inflation Report
- 8:30am EDT– US Trade Balance
12:15am EDT– 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 1.4488 with a stop at the most recent high at 1.4521. Since I was 38 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.4450.
Entry: Short at 1.4488
12:30am EDT- My target was hit. Price made a clean break so I moved my stop to 1.4450 and set my next target at 1.4400.
12:45am EDT- Unfortunately I was stopped out at 1.4450.
5:45am EDT– 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 1.4339 with a stop at the most recent high at 1.4552. Since I was 39 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.4300.
Entry: Short at 1.4339
2:30pm EDT- My target wasn’t hit by this time and it was late in the day. I couldn’t monitor my trade anymore so I just cut my losses and exited. I managed to close out at 1.4356.
Trade Result: +38 -17= +21 pips (NOT INCLUDING SPREAD) R-Multiple: 1.15; -0.08
News events to watch for tomorrow :
- 8:30am EDT– US Retail Sales m/m; Unemployment Claims
For a complete list of news events check out our News Section