The trend stayed down the entire day.
Today I only looked for short trades.
News events to watch for today :
- 4:30am EST- UK CPI y/y
- 8:30am EST- US Core Retail Sales m/m; PPI m/m
- 10:00am EST- US Fed Chairman Bernanke Speaks; Business Inventories m/m
The entry was at the close of the candle at 1.6619 with a stop at the most recent high at 1.6657. Since I was 19 pips away from the nearest 50 or 00 level, I decided to put my target at 1.6600.
Entry: Short at 1.6619 Stop: 1.6657 Target: 1.6600
3:30am EST- My target was hit. Price made a clean break so I moved my stop to 1.6600 and set my next target for 1.6550.
3:45am EST- Unfortunately I got stopped out at my initial target at 1.6600.
5:00am EST- There was a moving average crossover for a short trade. RSI was less than 50, stochastics were trending down but MACD was already negative from the candle before. This cancelled out the signal and I did not enter.
Trade Result: +19 pips (NOT INCLUDING SPREAD) R-Multiple: 0.50
News events to watch for tomorrow:
- 4:30am EST- UK Claimant Count Change; Average Earnings Index 3m/y; Unemployment report
- 8:30am EST- US Core CPI m/m; Current Account
- 9:00am EST- US TIC Long-Term Purchases
- 9:15am EST- US Capacity Utilization