The trend was DOWN the entire day.
Today I only looked for short trades.
News events to watch for today :
- 4:30am EST- UK CIPS Manufacturing PMI
- 8:30am EST– US NFP; Unemployment; Private Payrolls
- 10:00am EST– ISM Manufacturing
3:00am 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 1.5348 with a stop at the most recent swing high at 1.5394. Since I was 48 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.5300.
Entry: Short at 1.5348 Stop: 1.5394 Target: 1.5300
4:15am EST– My target was hit. Since news was coming out at 4:30am EST I exited my trade and tried to grab as many pips as I could. I exited at 1.5287. (+61 pips)
Trade Result: +61 pips R-Multiple: 1.32
News events to watch for Monday:
- 10:00am EST– US Manufacturing Orders