Current Trend= The trend remained down the entire day.
Today I only looked for short trades.
News events to watch for today :
12:45am EST– There was almost a signal here but MACD was already negative so it cancelled it out. No entry!
5:15am 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 1.9734 with a stop at the most recent swing high at 1.9766. Since I was 34 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.9700.
Entry: Short at 1.9734
Initial Target: 1.9700
8:45am EST– My target was hit. Price did not make a clean break so I took my final profit. I managed to exit right at 1.9700 where the candle closed.
Trade Result: +34 pips: R-Multiple: 1.06
News events to watch for Monday :
- 4:30am EST– UK PPI Input
- 8:30am EST– US Retail Sales