The trend was DOWN the entire day.
Today I only looked for short trades.
News events to watch for today :
2:15am 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 1.5648 with a stop at the most recent swing high at 1.5665. Since I was 48 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.5600.
Entry: Short at 1.5648 Stop: 1.5665 Target: 1.5600
2:45am EST– Unfortunately I was stopped out of my trade. (-17 pips)
3:00am EST– There was a moving average crossover for a short trade. RSI was less than 50, MACD was positive and losing value, but stochastics were still trending up. This cancelled out the signal and I did not enter.
Trade Result: -17 pips R-Multiple: -1.00
News events to watch for Wednesday:
- 4:30am EST– UK BOE MPC Minutes