The trend was DOWN the entire day.
Today I only looked for short trades.
News events to watch for today :
5:00am 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 1.4103 with a stop at the most recent swing high at 1.4152. Since I was only 3 pips away from the nearest 50 or 00 level (1.4100), I decided to go for the same amount of pips I was risking on the trade, which in this case was 49. This put my initial target at 1.4054.
Entry: Short at 1.4103 Stop: 1.4152 Target: 1.4054
8:45am EST– My target wasn’t hit by this time. Since news was coming out at 9:00am EST, I decided to manually exit my trade. I got out at 1.4097. (+6 pips)
Trade Result: +6 pips R-Multiple: 0.12
News events to watch for Wednesday:
- 4:30am EST– UK BBA Mortgage Approvals
- 6:00am EST– UK CBI Distributive Trades
- 10:00am EST– US New Home Sales