The trend was DOWN the entire day.
Today I only looked for short trades.
News events to watch for today :
- 8:15am EST– US ADP Employment Survey
2:00am EST– There was a moving average crossover for a short trade. RSI was less than 50, stochastics were trending down but MACD was already negative from the previous candle. This cancelled out the signal and I did not enter.
6:00am 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 1.5731 with a stop at the most recent swing high at 1.5758. Since I was 31 pips away from the nearest 50 or 00 level I put my initial target at 1.5700.
Entry: Short at 1.5731 Stop: 1.5758 Target: 1.5700
8:00am EST- My target wasn’t hit by this time. Since news was coming out at 8:15am EST, I went ahead and closed out my trade. I exited at 1.5714. (+17 pips)
Trade Result: +17 pips R-Multiple: 0.63