The trend was down the entire day.
Today I only looked for short trades.
News events to watch for today :
2:45am EST– There was a moving average crossover for a short trade. RSI was less than 50, stochastics were trending down and MACD was positive and losing value. This was valid entry.
The entry was at the close of the candle at 1.6328 with a stop at the most recent swing high at 1.6353. Since I was 28 pips away from the nearest 50 or 00 level I decided to put my target at 1.6300.
Entry: Short at 1.6328 Stop: 1.6353 Target: 1.6300
4:15am EST– My target wasn’t hit by this time. Since news was coming out at 4:30am EST I decided to manually exit my trade. I closed out at 1.6311. (+17 pips)
8:45am EST– There was a moving average crossover for a short trade. RSI was less than 50, stochastics were trending down but MACD was already negative from the previous candle. This cancelled out the signal and I did not enter.
Trade Result: +17 pips R-Multiple: 0.68
News events to watch for Friday:
- 4:30am EST– UK CIPS Services PMI
- 8:30am EST- US Unemployment Rate; Non Farm Payrolls; Private Payrolls
- 10:00am EST- US ISM Non Manufacturing