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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 CPI y/y
- 9:00am EDT– US TIC Long-Term Purchases
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 1.4204 with a stop at the most recent high at 1.4228. Since I was only 4 pips away from the nearest 50 or 00 level (1.4200), I decided to go for the same amount of pips I was risking on the trade, which in this case was 24. This put my initial target at 1.4180.
Entry: Short at 1.4204
2:15am EDT- My target was hit. Price made a clean break so I moved my stop to 1.4180 and set my next target at 1.4150. During this same candle, my 2nd target was hit at 1.4150. Price made another clean break so I moved my stop to 1.4150 and set my next target for 1.4100.
2:30am EDT– Unfortunately I was stopped out at 1.4150
8:45am 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 went to negative. However, news was coming out at 9:00am EDT, so I did not enter.
11:15am EDT-There was a moving average crossover for a short trade. RSI was less than 50, stochastics were trending down, but MACD was already negative. This cancelled out the signal and I did not enter.
Trade Result: +54 pips (NOT INCLUDING SPREAD) R-Multiple: 2.25
News events to watch for tomorrow :
- 4:30am EDT– UK MPC Meeting Minutes
- 8:30am EDT– US Building Permits
- 1:00pm EDT– US Fed Chairman Bernanke Speaks
- 2:00pm EDT– US FOMC Meeting Minutes
For a complete list of news events check out our News Section