The trend was down the entire day.
Today I only looked for short trades.
News events to watch for today :
5:15am 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 valid entry.
The entry was at the close of the candle at 1.6180 with a stop at the most recent swing high at 1.6222. Since I was 30 pips away from the nearest 50 or 00 level I decided to put my target at 1.6150
Entry: Short at 1.6180 Stop: 1.6222 Target: 1.6150
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 1.6200. (-20 pips)
Trade Result: -20 pips R-Multiple: N/A
News events to watch for Tuesday:
- 4:30am EST– UK CPI
- 8:30am EST– US Housing Starts ; Building Permits
- 9:15am EST– US Capacity Utilization ; Industrial Production