The trend was DOWN the entire day.
Today I only looked for short trades.
News events to watch for today :
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 1.6874 with a stop at the most recent swing high at 1.6882. Since I was 24 pips away from the nearest 50 or 00 level, I decided to put my target at 1.6850.
Entry: Short at 1.6874 Stop: 1.6882 Target: 1.6850
4:00am EST– My target was hit. Price made a clean break so I moved mys top to 1.6850 and set my next target for 1.6800.
4:30am EST– Unfortunately I was stopped out at my original target of 1.6850. (+24 pips)
Trade Result: +24 pips R-Multiple: 3.00
News events to watch for Wednesday:
- 4:30am EST– UK Claimant Count Rate; Average Earnings; Claimant Count Change; ILO Unemployment Rate
- 5:30am EST– UK BOE Publishes Inflation Report
- 8:30am EST– US PPI