Current Trend= The trend remained down the entire day.
Today I only looked for short trades.
News events to watch for today :
4:00am 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 1.9755 with a stop at the most recent swing high at 1.9783. Since I was only 5 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 28 pips. This put my initial target at 1.9727.
Entry: Short at 1.9755
Initial Target: 1.9727
4:30am EST– My target was hit. Price did not make a clean break of my target so I took my final profit. I exited at 1.9730.
Trade Result: +25 pips : R-Multiple: 0.89
News events to watch for tomorrow :
- 4:30am EST– UK Services PMI