The trend was DOWN the entire day.
Today I only looked for short trades.
News events to watch for today :
- 5:30am EST– UK Trade Balance; Manufacturing Production; Industrial Production
- 11:00am EST- UK NIESR GDP Est.
5:30am EST– Didn’t even consider this possible signal as it occured during a news candle.
9:45am 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 1.4869 with a stop at the most recent swing high at 1.4908. Since I was 19 pips away from the nearest 50 or 00 level I decided to put my initial target at 1.4850.
Entry: Short at 1.4869; Stop: 1.4908; Target: 1.4850
10:45am EST- Unfortunately my target was not hit by this time. Since news was coming out at 11am EST, I went ahead and manually exited my trade. I got out at 1.4860. (+9 pips)
Trade Result: +9 pips R-Multiple: 0.23