You didn’t really think I was going to miss out on all the bodacious waves we’re going to catch did you?!
Current Trend= The trend remained down the entire day.
Today I only looked for short trades.
News events to watch for today :
- 4:30am EST– UK Manufacturing PMI
- 10:00am EST– US ISM Manufacturing Index
1:15am 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 1.9827 with a stop at the most recent swing high at 1.9840. Since I was 27 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.9800.
Entry: Short at 1.9827
Initial Target: 1.9800
1:30am EST– My target was hit. Price made a clean break so I moved my stop to 1.9800 and set my next target for 1.9750.
1:45am EST– Unfortunately I got stopped out at 1.9800.
9:15am EST– There was a valid signal here but it was close to a news report (ISM index) so I did not enter.
Trade Result: +27 pips; R-Multiple: 2.07
News events to watch for tomorrow :
- 8:15am EST- ADP Nonfarm Employment Change
- 9:30am EST– Fed Chairman Ben Bernanke Speaks