The trend was DOWN the entire day.
Today I only looked for short trades.
News events to watch for today :
- 8:15am EST– US ADP Employment Survey
- 8:30am EST– US GDP; Core PCE Price Index; Employment Cost Index
- 9:00am EST– US Quarterly Refunding Announcement
- 9:45am EST– US Chicago PMI
4:15am EST– There was a moving average crossover for a short trade. RSI was less than 50, MACD was positive and losing value, but stochastics were still trending up. This cancelled the signal and I did not enter.
4:45am 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 entry.
The entry was at the close of the candle at 1.5211 with a stop at the most recent swing high at 1.5237. Since I was only 11 pips away from the nearest 50 or 00 level (1.5200), I decided to go for the same amount of pips I was risking on the trade, which in this case was 26. This put my initial target at 1.5185.
Entry: Short at 1.5211 Stop: 1.5237 Target: 1.5185
8:00am EST– My target wasn’t hit by this time. Since news was coming out at 8:15am EST, I decided to manually exit my trade. I got out at 1.5189. (+22 pips)
Trade Result: +22 pips R-Multiple: 0.84
News events to watch for Thursday:
- 4:30am EST– UK CIPS Manufacturing PMI
- 7:00am EST– UK BOE Base Rate
- 8:30am EST– US Initial Claims
- 10:00am EST– US ISM Manufacturing