The trend was DOWN the entire day.
Today I only looked for short trades.
News events to watch for today :
7:15am 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 1.5651 with a stop at the most recent swing high at 1.5678. Since I was only 1 pip away from the nearest 50 or 00 level (1.5650), I decided to go for the same amount of pips I was risking on the trade, which in this case was 27. This put my initial target at 1.5624.
Entry: Short at 1.5651; Stop: 1.5678; Target: 1.5624
11:30am EST- My target wasn’t hit by this time. Since it was close to 12 noon EST and the market was pretty much sideways, I decided to go ahead and exit my trade at breakeven.
Trade Result: +0 pips R-Multiple: N/A
News events to watch for Thursday:
- 4:30am EST– UK Trade Balance; Manufacturing Production; Industrial Production
- 7:00am EST– UK BOE Base Rate
- 8:30am EST– US Initial Claims
- 10:00am EST– UK NIESR GDP Est.