The trend was DOWN the entire day.
Today I only looked for short trades.
News events to watch for today:
- 4:30am EST– UK Claimant Count Change
2:45am EST– There was a moving average crossover for a short trade. RSI was less than 50, stochastics were trending up and MACD was positive and losing value. This was a valid entry.
The entry was at the close of the candle at 1.3085 with a stop at the most recent swing high at 1.3113. Since I was 35 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.3050.
Entry: Short at 1.3085 Stop: 1.3113 Target: 1.3050
4:15am EST– My target wasn’t hit by this time. Since news was coming out at 4:30am EST, I decided to manually exit my trade. I got out at 1.3083. (+2 pips)
Trade Result: +2 pips R-Multiple: 0.07
News events to watch for Thursday:
- 4:30am EST– UK Retail Sales
- 8:30am EST– US Philly Fed Survey
- 9:00am EST– US FHFA House Price Index
- 10:00am EST– US Existing Home Sales