The trend was DOWN the entire day.
Today I only looked for short trades.
News events to watch for today :
3:45am EST– There was a valid signal here, but because it was close to the 4:30am EST news event I did not enter.
8:00am 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 1.5878 with a stop at the most recent swing high at 1.5915. Since I was 28 pips away from the nearest 50 or 00 level I decided to put my initial target at 1.5850.
Entry: Short at 1.5878 Stop: 1.5915 Target: 1.5850
9:45am EST– My target wasn’t hit by this time. Since news was coming out at 10:00am EST, I manually exited my trade. I got out at 1.5875. (+3 pips)
Trade Result: +3 pips R-Multiple: 0.08
News events to watch for Wednesday:
- 4:30am EST– UK Claimant Count Change; ILO Unemployment Rate; Claimant Count Rate; Average Earnings
- 5:30am EST– UK BOE Quarterly Inflation Report
- 8:30am EST– US PPI; Retail Sales
- 10:00am EST– US Business Inventories