The trend was DOWN the entire day.
Today I only looked for short trades.
News events to watch for today :
7:15am 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 1.5737 with a stop at the most recent swing high at 1.5769. Since I was 37 pips away from the nearest 50 or 00 level I put my initial target at 1.5700.
Entry: Short at 1.5737 Stop: 1.5769 Target: 1.5700
8:15am EST- Unfortunately my target wasn’t hit by this time. Since news was coming out at 8:30am EST I decided to exit my trade. I closed out at 1.5714. (+23 pips)
Trade Result: +23 pips R-Multiple: 0.71
News events to watch for Wednesday:
- 4:30am EST- UK Claimant Count Change; ILO Unemployment Rate
- 5:30am EST- UK BOE Inflation report
- 8:30am EST- US Empire Survey
- 9:15am EST- Capacity Utilization; Industrial Production
- 10:00am EST- US NAHB Builders Survey