Sorry dudes. No video today! I promise I’ll put one up when I have some time!
Current Trend= The trend remained down the entire day.
Today I only looked for short trades.
News events to watch for today :
- 8:15am EST- ADP Nonfarm Employment Change
- 9:30am EST– Fed Chairman Ben Bernanke Speaks
1:15am 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 1.9756 with a stop at the most recent swing high at 1.9782. Since I was only 6 pips away from the nearest 50 or 00 level (1.9750), I decided to go for the same amount of pips I was risking on the trade, which in this case was 26. This put my initial target at 1.9730.
Entry: Short at 1.9756
Initial Target: 1.9730
1:30am EST– Unfortunately I was stopped out of my trade.
Trade Result: -26 pips; R-Multiple: -1.00
News events to watch for tomorrow :
- 4:30am EST- UK Services PMI
- 10:00am EST– US ISM Non-Manufacturing Composite