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 Services PMI
- 8:15 am EDT- US ADP Non-Farm Employment Change
- 8:30 am EDT– US Revised Nonfarm productivity
- 10:00 am EDT– US Non-Manufacturing PMI
3:15 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 1.4839 with a stop at the most recent swing high at 1.4926. Since I was 39 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.4800.
Entry: Short at 1.4839
Initial Target: 1.4800
3:30 am EDT- My target was hit. Price made a clean break so I moved my stop to 1.4800 and set my next target at 1.4750. During this same candle, my 2nd target at 1.4750 was hit. This time, the price did not make a clean break so I took my final profit. I exited at 1.4760.
Trade Result: +79 pips (NOT INCLUDING SPREAD) R-Multiple: 0.91
News events to watch for tomorrow :
- 7:00 am EDT- UK Bank Rate
- 8:30 am EDT– US Unemployment Claims