The trend was DOWN the entire day.
Today I only looked for short trades.
News events to watch for today :
8:30am 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 a valid entry.
The entry was at the close of the candle at 1.5778 with a stop at the most recent swing high at 1.5797. Since I was 28 pips away from the nearest 50 or 00 level I put my initial target at 1.5750.
Entry: Short at 1.5778 Stop: 1.5797 Target: 1.5750
9:15am EST- My target was hit. Price didn’t make a clean break so I took my final profit. I exited at 1.5753. (+25 pips)
Trade Result: +25 pips R-Multiple: 1.31
News events to watch for Wednesday:
- 8:15am EST– US ADP Employment Survey