The trend was down the entire day.
Today I only looked for short trades.
News events to watch for today :
- 4:30am EST– UK Retail Sales
- 6:00am EST– UK CBI Industrial Trends
- 8:30am EST– US Initial Claims
- 10:00am EST– US Philly Fed Survey ; Leading indicators; Existing Home Sales
1:00am 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 1.6168 with a stop at the most recent swing high at 1.6185. Since I was 18 pips away from the nearest 50 or 00 level I decided to put my target at 1.6150
Entry: Short at 1.6168 Stop: 1.6185 Target: 1.6150
1:45am EST– My target was hit. Price did not make a clean break so I took my final profit. I exited at 1.6152. (+16 pips)
8:30am EST– There was a valid signal here but because it was a news candle I did not enter.
Trade Result: +16 pips R-Multiple: 0.94
News events to watch for Friday: