The trend was DOWN the entire day.
Today I only looked for short trades.
News events to watch for today :
5:45am 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 1.5055 with a stop at the most recent swing high at 1.5069. Since I was only 5 pips away from the nearest 00 or 50 level (1.5050), I decided to go for the same amount of pips I was risking on the trade, which in this case was 14. This put my initial target at 1.5041.
Entry: Short at 1.5055 Stop: 1.5069 Target: 1.5041
6:15am EST– Unfortunately I was stopped out of my trade. (-14 pips)
Trade Result: -14 pips R-Multiple: -1.00
News events to watch for Friday:
- 4:30am EST– UK Industrial Production; Manufacturing Production
- 8:30am EST– US NFP
- 10:00am EST– UK NIESR GDP Est.