The trend was DOWN the entire day.
Today I only looked for short trades.
News events to watch for today :
3:45am EST– There was a moving average crossover for a short trade. RSI was less than 50, stochastics were trending down and MACD was negative and losing value. This was a valid entry. The entry was at the close of the candle at 1.5456 with a stop at the most recent high at 1.5500. Since I was only 6 pips away from the nearest 50 or 00 level (1.5450), I decided to go for the same amount of pips I was risking on the trade, which in this case was 44. This put my initial target at 1.5412.
Entry: Short at 1.5456 Stop: 1.5500 Target: 1.5412
5:00am EST– My target was hit. Price didn’t make a clean break so I took my final profit. I exited at 1.5415. (+41 pips)
Trade Result: +41 pips R-Multiple: 0.93
News events to watch for Friday:
- 4:30am EST– UK BBA Mortgage Approvals