The trend was down the entire day.
Today I only looked for short trades.
News events to watch for today :
4:00am 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 1.6124 with a stop at the most recent swing high at 1.6166. Since I was 24 pips away from the nearest 50 or 00 level, I decided to put my intial target at 1.6100.
Entry: Short at 1.6124 Stop: 1.6166 Target: 1.6100
11:45am EST- My target was not hit at this time. Since it was 12pm EST, I went ahead and decided to close out my trade. I manually exited at 1.6148. (-24 pips)
Trade Result: -24 pips R-Multiple: -0.57
News events to watch for Tuesday:
- 3:30am EST- UK Industrial Production ; Manufacturing Production ; Trade Balance
- 9:00am EST– US IBD Consumer Optimism ; UK Niesr GDP Est