The trend was DOWN the entire day.
Today I only looked for shor trades.
News events to watch for today :
- 4:30am EST– UK GDP
- 9:00am EST– US S&P Case-Shiller Home Price
- 9:45am EST– US Chicago PMI
- 10:00am EST– US Consumer Confidence
3:00am 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 1.4773 with a stop at the most recent swing high at 1.4788. Since I was 23 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.4750.
Entry: Short at 1.4773 Stop: 1.4788 Target: 1.4750
4:15am EST– Unfortunately I was stopped out of my trade. (-15 pips)
Trade Result: -15 pips R-Multiple: -1.00
News events to watch for Wednesday:
- 4:30am EST– UK CIPS Market Manufacturing
- 8:15am EST– US ADP Employment Survey
- 10:00am EST– US ISM Manufacturing