The trend was DOWN the entire day.
Today I only looked for short trades.
News events to watch for today :
- 4:30am EST- UK CPI; DCLG House Prices
- 8:30am EST- US PPI; Retail Sales; Empire Survey
- 10:00am EST- US Busienss Inventories
1:15am 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 1.5877 with a stop at the most recent swing high at 1.5897. Since I was 27 pips away from the nearest 50 or 00 level I put my initial target at 1.5850.
Entry: Short at 1.5877 Stop: 1.5897 Target: 1.5850
2:00am EST- Unfortunately I was stopped out of my trade. (-20 pips)
4:00am EST- There was a valid signal here but because it was right before news, I did not enter.
8:00am EST- There was a valid signal here but because it was right before news, I did not enter.
Trade Result: -20 pips R-Multiple: -1.00
News events to watch for Wednesday:
- 4:30am EST- UK Claimant Count Rate; ILO Unemployment Rate
- 5:30am EST- UK Quarterly Inflation Report
- 8:30am EST- US CPI
- 9:15am EST- US Capacity Utilization; Industrial Production
- 10:00am EST- US NAHB Builders Survey