Current Trend= The trend remained down the entire day.
Today I only looked for short trades
News events to watch for today :
- 8:30 am EDT- US Trade Balance
1:45 am EDT– There was a moving average crossover for a short trade. RSI was less than 50, MACD was positive and losing value, but stochastics were still trending up. This canceled out the signal and I did not enter.
7:00 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 1.4859 with a stop at the most recent swing high at 1.4966. Since I was only 9 pips away from the nearest 50 or 00 level (1.4850), I decided to go for the same amount of pips I was risking on the trade, which in this case was 107. This put my initial target at 1.4752.
Entry: Short at 1.4859
Initial Target: 1.4752
8:15 am EDT- My target was not hit by this point. Since the news was coming out at 8:30 am EDT, I closed out my trade. I exited at 1.4839 for a 20 pip gain.
Trade Result: +20 pips (NOT INCLUDING SPREAD) R-Multiple: 0.18
News events to watch for tomorrow :
- 8:30 am EDT- US Retail Sales
- 10:00 am EDT– Consumer Sentiment