Current Trend= The trend remained down the entire day.
Today I only looked for short trades
News events to watch for today :
- 4:30 am EDT- UK Claimant Count Change
- 5:30 am EDT- UK Inflation Report
3:00 am EDT- 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 1.5419 with a stop at the most recent swing high at 1.5478. Since I was 19 pips away from the nearest 50 or 00 level, I decided to put my target at 1.5400.
Entry: Short at 1.5419
Initial Target: 1.5400
3:30 am EDT- My target was hit at 1.5400. Price made a clean break so I moved my stop to 1.5400 and set my next target for 1.5350.
4:00 am EDT– My 2nd target was hit at 1.5350. This time, price did not make a clean break so I closed my trade. I exited at 1.5345.
Trade Result: +74 pips (NOT INCLUDING SPREAD) R-Multiple: 1.25
News events to watch for tomorrow :
- 8:30 am EDT- US Trade Balance