The trend stayed down the entire day.
Today I only looked for short trades.
News events to watch for today :
- 4:30am EST- UK Retail Sales m/m
- 8:30am EST- US Unemployment Claims
- 10:00am EST- US Philly Fed Manufacturing Index
The entry was at the close of the candle at 1.6689 with a stop at the most recent high at 1.6724. Since I was 39 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.6650.
Entry: Short at 1.6689 Stop: 1.6724 Target: 1.6650
3:00am EST- My target was hit. Price didn’t really make a clean break so I went ahead and took my final profit. I got out right at 1.6650.\
5:15am EST- There was a moving average crossover for a short trade. RSI was less than 50, MACD was positive and losing value, but stochastics were trending up. This cancelled out the signal and I did not enter.
Trade Result: +39 pips (NOT INCLUDING SPREAD) R-Multiple: 1.11
News events to watch for tomorrow: