The trend was DOWN the entire day.
Today I only looked for short trades.
News events to watch for today :
3:30am EST– Didn’t consider this possible signal because it was close to the 4:30am EST news event.
6:30am 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 entry.
The entry was at the close of the candle at 1.4149 with a stop at the most recent swing high at 1.4190. Since I was 49 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.4100.
Entry: Short at 1.4149 Stop: 1.4190 Target: 1.4100
8:15am EST– Unfortunately my target wasn’t hit by this time. Since news was coming out at 8:30am EST, I decided to manually exit my trade. I got out at 1.4161. (-12 pips)
11:15am EST– Didn’t consider this possible signal because it was close to the end of our trading session at 12 noon EST.
Trade Result: -12 pips R-Multiple: -0.21
News events to watch for Thursday:
- 8:30am EST– US Philly Fed Survey