The trend was DOWN the entire day.
Today I only looked for short trades.
News events to watch for today :
- 8:30am EST– US Initial Claims; Housing Starts; Building Permits
- 10:00am EST– US Philadelphia Fed Survey
2:45am 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 signal. I entered at the close of the candle at 1.5988 with a stop at the most recent swing high at 1.6008. Since I was 38 pips away from the nearest 50 or 00 level I decided to put my initial target at 1.5950.
Entry: Short at 1.5988; Stop: 1.6008; Target: 1.5950
3:30am EST- Unfortunately I was stopped out of my trade. (-20 pips)
Trade Result: -20 pips R-Multiple: -1.00