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 Rate
3:45am EST– Didn’t consider this possible signal because it was right before the 4:30am EST news.
5:00am EST– There was a moving average crossover for a short trade. RSI was less than 50, MACD went from positive to negative, but stochastics were still positive. This cancelled out the signal and I did not enter.
6:00am 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 1.3199 with a stop at the most recent swing high at 1.3221. Since I was 49 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.3150.
Entry: Short at 1.3199 Stop: 1.3221 Target: 1.3150
9:45am EST– My target was hit. Price mad a clean break so I moved my stop to 1.3150 and set my next target for 1.3100.
10:00am EST– Unfortunately I was stopped out at my original target at 1.3150. (+49 pips)
Trade Result: +49 pips R-Multiple: 2.22
News events to watch for Thursday:
- 4:30am EST– UK ILO Unemployment Rate