The trend stayed down the entire day.
Today I only looked for short trades.
News events to watch for today :
- 4:30am EST- UK Purchasing Manager Index Construction
- 8:15am EST- US ADP Employment Change
- 8:30am EST- US Non-Farm Productivity
- 10:00am EST- US Factory Orders
- 2:00pm EST- US FOMC Meeting Minutes
The entry was at the close of the candle at 1.6156 with a stop at the most recent high at 1.6178. Since I was only 6 pips away from the nearest 50 or 00 level (1.6150), I decided to go for the same amount of pips I was risking on the trade, which in this case was 22. This put my initial target at 1.6134.
Entry: Short at 1.6156 Stop: 1.6178 Target: 1.6134
2:00am EST- Unfortunately I was stopped out of my trade.
The entry was at the close of the candle at 1.6146 with a stop at the most recent high at 1.6191. Since I was 46 pips away from the nearest 50 or 00 level, I put my initial target at 1.6100.
Entry: Short at 1.6146 Stop: 1.6191 Target: 1.6100
4:15am EST- My target wasn’t by this time and news was about to come out at 4:30am EST. I manually exited my trade and closed out at 1.6133.
9:30am EST- There was a moving average crossover for a short trade but it was right before news at 10:00am EST, and it didn’t meet the criteria of a signal. No entry.
Trade Result: -22 +13= -9 pips (NOT INCLUDING SPREAD) R-Multiple: -1.00; 0.28
News events to watch for tomorrow:
- 4:30am EST- UK Services PMI
- 8:30am EST- US Unemployment Claims
- 10:00am EST- US ISM Non-Manufacturing PMI