The trend was DOWN the entire day.
Today I only looked for short trades.
News events to watch for today :
5:30am EST– Didn’t even consider this possible signal because it was on a news candle.
6:00am 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 1.4102 with a stop at the most recent swing high at 1.4134. Since I was only 2 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 32 pips. This put my initial target at 1.4070.
Entry: Short at 1.4102 Stop: 1.4134 Target: 1.4070
8:15am EST– 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 1.4087. (+15 pips)
Trade Result: +15 pips R-Multiple: 0.46