Current Trend= The trend remained down the entire day.
Today I only looked for short trades
News events to watch for today :
- 7:00 am EST- UK CBI Realized Sales
- 10:00 am EST- US CB Consumer Confidence
3:30 am 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 1.5565 with a stop at the most recent swing high at 1.5750. Since I was 15 pips away from the nearest 50 or 00 level, I decided to put my target at 1.5550.
Entry: Short at 1.5565
Initial Target: 1.5550
3:45 am EST- My target was hit at 1.5550. Price made a clean break so I moved my stop to 1.5550 and set my next target for 1.5500. During this same candle, my 2nd target was hit at 1.5500 so I trailed my stop to 1.5500 and set my next target for 1.5450. Unfortunately, price didn’t get that low and I got stopped out at 1.5500.
10:00 am EST- This was a news candle so I did not enter.
Trade Result: +65 pips (NOT INCLUDING SPREAD) R-Multiple: 0.35
News events to watch for tomorrow :
- 8:30 am EST- US Durable Goods Orders
- 2:15 EST- US FOMC Statement