The trend was down the entire day.
Today I only looked for short trades.
News events to watch for today :
- 4:30am EST- UK Public Borrowing
- 7:30am EST– UK CBI Quarterly Distributive Trades
- 10:00am EST– US New Home Sales
2:00am 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 1.6075 with a stop at the most recent swing high at 1.6124. Since I was 25 pips away from the nearest 50 or 00 level I decided to put my target at 1.6050.
Entry: Short at 1.6075 Stop: 1.6124 Target: 1.6050
3:00am EST– Unfortunately I was stopped out of my trade. (-49 pips)
Trade Result: -49 pips R-Multiple: -1.00