The trend stayed down the entire day.
Today I only looked for short trades.
News events to watch for today :
- 4:30am EST– UK Manufacturing Production m/m
- 10:00am EST- US IBD/TIPP Economic Optimism
12:45am 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 1.6444 with a stop at the most recent high at 1.6462. Since I was 44 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.6400.
Entry: Short at 1.6444 Stop: 1.6462 Target: 1.6400
1:15am EST- My target was hit. Price made a clean break so I moved my stop to 1.6400 and set my next target for 1.6350.
1:30am EST- Unfortunately the momentum didn’t continue in my favor. I exited at 1.6400.
10:30am, 11:15am EST– There was a moving average crossover for a short trade. RSI was less than 50, MACD was positive and losing value, but stochastics were trending up. This cancelled out the signal and I did not enter.
Trade Result: +44 Pips (NOT INCLUDING SPREAD) R-Multiple: 2.44
News events to watch for tomorrow:
- 4:30am EST- UK Trade Balance
- 10:00am EST- US Wholesale Inventories m/m
- 10:30am EST- US Crude Oil Inventories