The trend was DOWN the entire day.
Today I only looked for short trades.
News events to watch for today :
- 4:30am EST- UK BBA Mortgage Approvals
- 6:00am EST- UK CBI Distributive Trades
- 8:30am EST- US Initial Claims
2:45am 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 signal. I entered at the close of the candle at 1.5829 with a stop at the most recent swing high at 1.5848. Since I was 29 pips away from the nearest 50 or 00 level I decided to put my initial target at 1.5800.
Entry: Short at 1.5829; Stop: 1.5848; Target: 1.5800
3:15am EST- Unfortunately I was stopped out of my trade. (-19 pips)
4:30am EST- Didn’t even consider this because it was a news candle.
6:00am EST- Didn’t even consider this because it was a news candle.
Trade Result: -19 pips R-Multiple: -1.00