The trend was down the entire day.
Today I only looked for short trades.
News events to watch for today :
- 5:30am EST– UK ILO Unemployment Rate ; Average Earnings
- 10:00am EST– US PPI ; Building Permits; Housing Starts
5:30am EST– There was a signal here but because it a news candle I did not enter.
9:15am 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 valid entry.
The entry was at the close of the candle at 1.6065 with a stop at the most recent swing high at 1.6116. Since I was 15 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.6050.
Entry: Short at 1.6065 Stop: 1.6116 Target: 1.6050
9:30am EST– My target was hit. Price did not make a clean break so I took my final profit. I exited at 1.6052. (+13 pips)
Trade Result: +13 pips R-Multiple: 0.25
News events to watch for Thursday:
- 4:30am EST– US CPI ; Initial Claims;
- 9:15am EST– US Capacity Utilization; Industrial Production
- 10:00am EST– US Philly Fed Survey; Leading Indicators