The trend was DOWN the entire day.
Today I only looked for short trades.
News events to watch for today :
- 8:30am EST– US CPI
- 9:00am EST– US TIC Data
- 9:15am EST– US Industrial Production; Capacity Utilization
- 10:00am EST– US NAHB Builders survey
7:15am 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 signal. I entered at the close of the candle at 1.6020 with a stop at the most recent swing high at 1.6053. Since I was 20 pips away from the nearest 50 or 00 level I decided to put my initial target at 1.6000.
Entry: Short at 1.6020; Stop: 1.6053; Target: 1.6000
6:30am EST- My target was hit. Price did not make a clean break so I took my final profit. I exited at 1.6002. (+18 pips)
Trade Result: +18 pips R-Multiple: 0.54
News events to watch for Thursday:
- 8:30am EST– US Initial Claims; Housing Starts; Building Permits
- 10:00am EST– US Philadelphia Fed Survey