The trend was down the entire day.
Today I only looked for short trades.
News events to watch for today :
- 5:30am EST- UK ILO Unemployment Rate ; Average Earnings
- 10:00am EST- US PPI ; Building Permits; Housing Starts
5:30am EST- There was a signal here but because it a news candle I did not enter.
The entry was at the close of the candle at 1.6065 with a stop at the most recent swing high at 1.6116. Since I was 15 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.6050.
Entry: Short at 1.6065 Stop: 1.6116 Target: 1.6050
9:30am EST- My target was hit. Price did not make a clean break so I took my final profit. I exited at 1.6052. (+13 pips)
Trade Result: +13 pips R-Multiple: 0.25
News events to watch for Thursday:
- 4:30am EST- US CPI ; Initial Claims;
- 9:15am EST- US Capacity Utilization; Industrial Production
- 10:00am EST- US Philly Fed Survey; Leading Indicators