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
- 10:00am EST– US Factory Orders
1:45am 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 1.6362 with a stop at the most recent high at 1.6398. Since I was only 12 pips away from the nearest 50 or 00 level (1.6350), I decided to go for the same amount of pips I was risking on the trade, which in this case was 36. This put my initial target at 1.6326.
Entry: Short at 1.6362 Stop: 1.6398 Target: 1.6326
2:45am EST– My target was hit. Price made a clean break so I moved my stop to 1.6326 and set my next target for 1.6300. During this same candle, my 2nd target at 1.6300 was hit. Price did not make a clean break of this target so I took my final profit. I exited at 1.6305.
9:15am EST– There was a valid signal here but because it was close to a news report, I did not enter.
Trade Result: +57 pips (NOT INCLUDING SPREAD) R-Multiple: 1.58
News events to watch for tomorrow:
- 4:30am EST- UK Purchasing Manager Index Services
- 8:15am EST- US ADP Non-Farm Employment Change
- 10:00am EST– US ISM Non-Manufacutring Composite