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 Industrial Production
- 8:30am EST– US Non Farm Productivity Q/Q
- 10:00am EST– US Pending Home Sales
1:45am 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 1.9683 with a stop at the most recent swing high at 1.9711. Since I was 33 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.9650.
Entry: Short at 1.9683
Initial Target: 1.9650
2:45am EST– My target was hit. Price made a clean break so I moved my stop to 1.9650 and set my next target for 1.9600.
3:15am EST– My 2nd target was hit. This time, price did not make a clean break so I took my final profit. I exited at 1.9605.
Trade Result: +78 pips : R-Multiple: 2.78
News events to watch for tomorrow :
- 7:00am EST– UK Official Bank Rate
- 8:30am EST– ECB Press Conference