The trend was DOWN the entire day.
Today I only looked for short trades.
News events to watch for today:
- 4:30am EST– UK CPI
- 6:00am EST– US NFIB Small Business Optimism Index
- 8:30am EST- US PPI
- 10:20am EST– UK BOE Cleland Speaks
1:30am 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 1.2642 with a stop at the most recent swing high at 1.2658. Since I was 42 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.2600.
Entry: Short at 1.2642 Stop: 1.2658 Target: 1.2600
1:45am EST– Unfortunately I was stopped out of my trade. (-16 pips)
9:00am EST– There was a moving average crossover for a long trade. RSI was greater than 50, stochastics were trending up, but MACD was already negative from the previous candle. This cancelled out my signal and I did not enter.
Trade Result: -16 pips R-Multiple: -1.00