The trend stayed down the entire day.
Today I only looked for short trades.
News events to watch for today :
- 4:30am EST- UK Trade Balance
- 10:00am EST- US Wholesale Inventories m/m
- 10:30am EST- US Crude Oil Inventories
1:15am EST- There was a moving average crossover for a short trade. RSI was less than 50, stochastics were trending down and MACD went from positive to negative. This was a valid entry.
The entry was at the close of the candle at 1.6219 with a stop at the most recent high at 1.6274. Since I was 19 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.6200.
Entry: Short at 1.6219 Stop: 1.6274 Target: 1.6200
1:15am EST- My target was hit. Price made did not make a clean break so I took my final profit. I exited at 1.6205.
8:15am 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 previous candle. This cancelled out the signal and I did not enter.
Trade Result: +14 Pips (NOT INCLUDING SPREAD) R-Multiple: 0.25
News events to watch for tomorrow:
- 7:00am EST- UK Official Bank Rate
- 8:30am EST- US Trade Balance; Unemployment Claims