Current Trend= The trend remained down the entire day.
Today I only looked for short trades
News events to watch for today :
- 10:00 am EST– US New Home Sales
12:45 am 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 1.5741 with a stop at the most recent swing high at 1.5840. Since I was 41 pips away from the nearest 50 or 00 level, I decided to put my target at 1.5700.
Entry: Short at 1.5741
Initial Target: 1.5700
1:00 am EST- My target was hit at 5700. Price made a clean break, so I moved my stop to 1.5700 and set my next target for 1.5650. On the same candle, my 2nd target was also hit at 1.5650. Price made another clean break so I trailed my stop at 1.5650 and set my next target for 1.5600.
1:15 am EST- Unfortunately, I was stopped out at 1.5650.
7:45 am EST- There was a moving average crossover for a short trade. RSI was less than 50, Stochastics were trending down, but MACD was positive but not losing value. Instead, MACD stayed flat which canceled out the signal. No entry.
Trade Result: +91 pips (NOT INCLUDING SPREAD) R-Multiple: 0.91
News events to watch for tomorrow :
- 7:00 am EST- UK CBI Realized Sales
- 10:00 am EST- US CB Consumer Confidence