The trend was down the entire day.
Today I only looked for short trades.
News events to watch for today :
- 8:30am EST- US GDP Annualized ; Core PCE Price Index ; GDP Deflator
- 10:00am EST- US Existing Home Sales
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 1.5907 with a stop at the most recent swing high at 1.5950. Since I was only 7 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 43 pips. This put my initial target at 1.5864.
Entry: Short at 1.5907 Stop: 1.5950 Target: 1.5864
8:15am EST- Unfortunately my target wasn’t hit by this time. Since news was coming out at 8:30am EST I decided to close out my trade. I exited at 1.5920.
8:30am EST- There was a valid signal here but because it was a news candle I did not enter.
Trade Result: -13 pips R-Multiple: -0.30
News events to watch for Wednesday:
- 4:30am EST- UK GDP
- 8:30am EST- US Durable goods
- 9:55am EST- Univ of Mich Sentiment
- 10:00am EST- US FHFA House Price Index ; New Home Sales