The trend was DOWN the entire day.
Today I only looked for short trades.
News events to watch for today :
- 8:30am EST– US Philly Fed Survey
2:00am 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 1.4170 with a stop at the most recent swing high at 1.4194. Since I was 20 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.4150.
Entry: Short at 1.4170 Stop: 1.4194 Target: 1.4150
5:30am EST– My target was hit. Price made a clean break so I moved my stop to 1.4150 and set my next target for 1.4100.
6:00am EST– Unfortunately I got stopped out at my original target at 1.4150. (+20 pips)
Trade Result: +20 pips R-Multiple: 0.83