The trend was DOWN the entire day.
Today I only looked for short trades.
News events to watch for today :
- 4:30am EST-UK Claimant Count Change; Claimant Count Rate; ILO Unemployment; Average Earnings
- 5:30am EST- UK BOE Inflation Report
- 8:30am EST- US Housing Starts; Building Permits
5:30am EST- There was a valid signal here but because it was a news candle I did not enter.
8:15am EST- There was a valid signal here but because it was right before the 8:30am EST news candle I did not enter.
10:15am 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 1.5931 with a stop at the most recent swing high at 1.5953. Since I was 31 pips away from the nearest 50 or 00 level I decided to put my initial target at 1.5900.
Entry: Short at 1.5931 Stop: 1.5953 Target: 1.5900
11:00am EST- My target was hit. Price didn’t make a clean break so I went ahead and closed out my trade. I exited at 1.5905. (+26 pips)
Trade Result: +26 pips R-Multiple: 1.18