The trend was DOWN the entire day.
Today I only looked for short trades..
News events to watch for today :
1:15; 2:45; 3:15; 5:30am EST- There were moving average crossovers for short trades. However on all of these crosses, MACD was already negative from the previous candle. This cancelled out the signal and I did not enter.
8:15am EST- There was a moving average crossover for a short trade. RSI was less than 50, stochastics were trending dwon, and MACD went from positive to negative. This was a valid signal. I entered at the close of the candle at 1.5281 with a stop at the most recent swing high at 1.5298. Since I was 31 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.5250.
Entry: Short at 1.5281; Stop: 1.5298; Target: 1.5250
9:30am EST- My target was hit. Price didn’t make a clean break so I took my final profit. I exited at 1.5252. (+29 pips)
Trade Result: +29 pips R-Multiple: 1.70
News events to watch for Wednesday:
- 4:30am EST– UK ILO Unemployment Rate; Average Earnings; Claimant Count Change; Claimant Count Rate
- 5:30am EST– UK BOE Releases Quarterly Inflation Report
- 8:30am EST– US PPI; Empire State Survey
- 9:15am EST- US Capacity Utilization; Industrial Production
- 10:00am EST– US NAHB Builders Survey