The trend was down the entire day.
Today I only looked for short trades.
News events to watch for today :
- 9:00am EST- US S&P Case-Shiller Home Price
- 9:45am EST– US Chicago PMI
- 10:00am EST– US Consumer Confidence
3:45am 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 1.5510 with a stop at the most recent swing high at 1.5571. Since I was only 10 pips away from the nearest 50 or 00 level (1.5900), I decided to go for the same amount of pips I was risking on the trade, which in this case was 61 pips. This put my initial target at 1.5449.
Entry: Short at 1.5510 Stop: 1.5571 Target: 1.5449
8:45am EST- Unfortunately my target wasn’t hit by this time. Since news was coming out at 9:00am EST I decided to close out my trade. I exited at 1.5500.
Trade Result: +10 pips R-Multiple: 0.16