The trend was DOWN the entire day.
Today I only looked for short trades.
News events to watch for today :
- 8:30am EST– US Initial Claims
12:45am 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 1.5503 with a stop at the most recent swing high at 1.5516. Since I was only 3 pips away from the nearest 50 or 00 level (1.5500), I decided to go for the same amount of pips I was risking on the trade, which in this case was 13. This put my initial target at 1.5490.
Entry: Short at 1.5503 Stop: 1.5516 Target: 1.5490
2:00am EST– My target was hit. Price didn’t make a clean break so I exited my trade. I got out at 1.5490. (+13 pips)
Trade Result: +13 pips R-Multiple: 1.00
News events to watch for Friday:
- 6:00am EST– UK BOE Announces details of "funding for lending scheme"
- 8:30am EST– US PPI
- 9:55am EST– US Univ. Of Mich. Sent.