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
- 8:30am EST– US Current Account; Initial Claims, Housing Starts, Building Permits
- 10:00am EST– US Philly Fed Survey
12:30am 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 1.6172 with a stop at the most recent swing high at 1.6224. Since I was 22 pips away from the nearest 50 or 00 level I decided to put my target at 1.6150.
Entry: Short at 1.6172 Stop: 1.6224 Target: 1.6150
1:30am EST– My target was hit. Price didn’t make a clean break so I took my final profit. I exited at 1.6151. (+21 pips)
Trade Result: +21 pips R-Multiple: 0.40
News events to watch for Friday:
- 9:55am EST– US Univ. of Michigan Sentiment