The trend was DOWN the entire day.
Today I only looked for short trades.
News events to watch for today :
- 4:30am EST– UK CPI; DCLG House Prices; Trade Balance
- 8:30am EST– US Import Price Index
- 10:00am EST- US IBD Consumer Optimism
1:00am 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.
8:00am EST– There was a valid signal here but because it was right before news I did not enter.
8:30am EST– There was a valid signal here but because it was a news candle I did not enter.
10:45am 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 a valid entry. The entry was at the close of the candle at 1.5790 with a stop at the most recent high at 1.5848. Since I was 40 pips away from the nearest 50 or 00 level I decided to put my initial target at 1.5750.
Entry: Short at 1.5790 Stop: 1.5848 Target: 1.5750
12:00pm EST– My target wasn’t hit by this time. Since it was 12 noon EST I decided to close out my trade. I exited at 1.5802. (-12 pips)
Trade Result: -12 pips R-Multiple: -0.20
News events to watch for Wednesday:
- 4:30am EST– UK Claimant Count Rate; ILO Unemployment Rate; Claimant Count Change; Average Earnings
- 8:30am EST– US PPI; Retail Sales
- 10:00am EST– US Business Inventories