The trend was DOWN the entire day.
Today I only looked for short trades.
News events to watch for today :
- 8:30am EST– US Trade Balance; Initial Claims
1:15am EST– There was a moving average crossover for a long trade. RSI was greater than 50, stochastics were trending up and MACD was negative and gaining value. This was a valid entry.
The entry was at the close of the candle at 1.6191 with a stop at the most recent swing low at 1.6185. Since I was only 9 pips away from the nearest 50 or 00 level and because I was only risking 6 pips on the trade, I had to choose a more suitable target. When this happens I make my target the next 50 or 00 level, which in this case was 1.6250.
Entry: Long at 1.6191 Stop: 1.6185 Target: 1.6250
3:15am EST – Unfortunately I was stopped out of my trade. (-6 pips)
10:15am EST– There was a moving average crossover for a long trade. RSI was greater than 50, stochastics went from negative to positive. This was a valid entry.
The entry was at the close of the candle at 1.6175 with a stop at the most recent swing low at 1.6137. Since I was 25 pips away from the nearest 50 or 00 level I decided to put my target at 1.6200.
Entry: Long at 1.6175 Stop: 1.6137 Target: 1.6200
11:45am EST – Unfortunately my target wasn’t hit by this time. Since it was 12 noon EST, I decided to exit my trade. I got out at 1.6185. (+10 pips)
Trade Result: -6 +10= +4 pips R-Multiple: -1.00; 0.26
News events to watch for Friday:
- 4:30am EST– UK GDP
- 8:30am EST- US Durable Goods
- 10:00am EST– Univ. Of Mich. Sentiment; Wholesale Inventories