The trend was DOWN the entire day.
Today I only looked for short trades.
News events to watch for today :
- 6:00am EST– UK OBR Testimony on Budget
- 7:00am EST– UK CBI Distributive Trades
- 8:30am EST– US Durable Goods
- 9:00am EST– S&P Case-Shiller Home Price
- 10:00am EST– US New Home Sales; Consumer Confidence
3:45am 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 signal. I entered at the close of the candle at 1.5180 with a stop at the most recent swing high at 1.5207. Since I was 30 pips away from the nearest 50 or 00 level I decided to put my initial target at 1.5150.
Entry: Short at 1.5180; Stop: 1.5207; Target: 1.5150
5:45am EST- My target wasn’t hit by this time. Since news was coming out at 6:00am EST, I decided to manually exit my trade. I got out at 1.5172. (+8 pips)
Trade Result: +8 pips R-Multiple: 0.29