The trend was DOWN the entire day.
Today I only looked for short trades.
News events to watch for today :
- 10:00am EST- US Wholesale Inventories
4:45am 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 a valid entry.
The entry was at the close of the candle at 1.6127 with a stop at the most recent swing high at 1.6156. Since I was 27 pips away from the nearest 50 or 00 level I decided to put my initial target at 1.6100.
Entry: Short at 1.6127 Stop: 1.6156 Target: 1.6100
5:30am EST– My target was hit. Price didn’t make a clean break so I went ahead and closed out my trade. I exited at 1.6103. (+24 pips)
Trade Result: +24 pips R-Multiple: 0.82
News events to watch for Thursday:
- 4:30am EST– UK Industrial Production; Manufacturing Production
- 7:00am EST– UK BOE MPC Base Rate
- 8:30am EST– US Trade Balance; Initial Claims
- 10:00am EST– UK NIESR GDP Est.