The trend stayed down the entire day.
Today I only looked for short trades.
News events to watch for today :
- 4:00am EST- UK Halifax House Prices
- 7:00am EST– Bank of England Interest Rate Decision
- 8:30am EST– US Initial Jobless Claims
11:15am 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 1.5905 with a stop at the most recent high at 1.5945. Since I was only 5 pips away from the nearest 50 or 00 level (1.5900), I decided to go for the same amount of pips I was risking on the trade, which in this case was 40. This put my initial target at 1.5865.
Entry: Short at 1.5905 Stop: 1.4945 Target: 1.4865
As of now this trade is still live. Remember to use your discretion at this point since it is past 12pm EST.
Trade Result: ?? pips (NOT INCLUDING SPREAD) R-Multiple: ??
News events to watch for tomorrow:
- 4:30am EST- UK PPI Input m/m
- 8:30am EST- US Non-Farm Employment Change