The trend was DOWN the entire day.
Today I only looked for short trades.
News events to watch for today:
6:45am 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.
The entry was at the close of the candle at 1.4422 with a stop at the most recent swing high at 1.4465. Since I was 22 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.4400.
Entry: Short at 1.4422 Stop: 1.4465 Target: 1.4400
9:45am EST– Unfortunately my target wasn’t hit by this time. Since news was coming out at 10:00am EST, I decided to cut my losses and exit my trade. I got out at 1.4430. (-8 pips)
Trade Result: -8 pips R-Multiple: -0.18