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
12:45am EST– There was a moving average crossover for a short trade. RSI was less than 50, stochastics were trending down and MACD was positive and losing value. This was a valid entry.
The entry was at the close of the candle at 1.5976 with a stop at the most recent swing high at 1.5990. Since I was 26 pips away from the nearest 50 or 00 level I decided to put my initial target at 1.5950.
Entry: Short at 1.5976 Stop: 1.5990 Target: 1.5950
1:45am EST – My target was hit. Price did not make a clean break so I took my final profit. I exited at 1.5953. (+23 pips)
Trade Result: +23 pips R-Multiple: 1.64
News events to watch for Wednesday:
- 4:30am EST– UK ILO Unemployment Rate; Average Earnings; Claimant Count Change; Claimant Count Rate
- 5:30am EST- UK BOE Releases Quarterly Inflation Report