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The trend was DOWN the entire day.
Today I only looked for short trades.
News events to watch for today :
- 4:30am EST– UK Minutes of prior MPC Meeting
- 10:00am EST– US Existing Home Sales
3:15am 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 1.5772 with a stop at the most recent swing high at 1.5813. Since I was 22 pips away from the nearest 50 or 00 level I put my initial target at 1.5750.
Entry: Short at 1.5772 Stop: 1.5813 Target: 1.5750
4:15am EST- Unfortunately my target wasn’t hit by this time. Since news was coming out at 4:30am EST I went ahead and exited my trade. I got out at 1.5758. (+14 pips)
Trade Result: +14 pips R-Multiple: 0.34
News events to watch for Thursday:
- 4:30am EST– UK BBA Mortgage Approvals
- 8:30am EST– US Initial Claims
- 10:00am EST– US FHFA House Price Index
For a complete list of news events check out our Forex Economic Calendar.
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