The trend was down the entire day.
Today I only looked for short trades.
News events to watch for today :
5:45am 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 valid entry.
The entry was at the close of the candle at 1.6487 with a stop at the most recent swing high at 1.6532. Since I was 37 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.6450.
Entry: Short at 1.6487 Stop: 1.6532 Target: 1.6450
8:45am EST– My target wasn’t hit by this time. Since news was coming out at 9:00am EST I went ahead and closed out my trade. I exited at 1.6464. (+23 pips)
Trade Result: +23 pips R-Multiple: 0.51