The trend was DOWN the entire day.
Today I only looked for short trades.
News events to watch for today :
1:30am 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 1.5516 with a stop at the most recent swing high at 1.5530. Since I was 16 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.5500.
Entry: Short at 1.5516 Stop: 1.5530 Target: 1.5500
2:15am EST– My target was hit. Price made a clean break so I moved my stop to 1.5500 and set my next target for 1.5450.
3:45am EST– Unfortunately I got stopped out at my original target at 1.5500. (+16 pips)
8:00am EST– There was a potential signal here but because it was right before the 8:30am EST news I did not enter.
11:15am EST– There was a potentail signal here but at the close of the candle there would only be 30 minutes left until 12 noon EST. Since there wasn’t much time for the trade to mature I decided not to enter this one.
Trade Result: +16 pips R-Multiple: 1.14
News events to watch for Friday:
- 4:30am EST– UK Trade Balance
- 8:30am EST– US Empire State Survey
- 9:15am EST- US Industrial Production; Capacity Utilization
- 9:55am EST– US Univ of Mich. Sent.