Current Trend= The trend remained down the entire day.
Today I only looked for short trades
News events to watch for today :
12:30 am EDT– There was a moving average crossover for a short trade. RSI was less than 50, stochastics were trending down, but MACD was already negative. This canceled out the signal and I did not enter.
10:45 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 1.4937 with a stop at the most recent swing high at 1.5067. Since I was 37 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.4900.
Entry: Short at 1.4937
Initial Target: 1.4900
11:00 am EDT- My target was hit. Price did not make a clean break so I took my final profit. I exited at 1.4900.
Trade Result: +37 pips (NOT INCLUDING SPREAD) R-Multiple: 0.28
News events to watch for tomorrow :
- 4:30 am EDT- UK Services PMI
- 8:15 am EDT- US ADP Non-Farm Employment Change
- 8:30 am EDT– US Revised Nonfarm productivity
- 10:00am EDT– US Non-Manufacturing PMI