The trend was DOWN the entire day.
Today I only looked for short trades.
News events to watch for today :
- 4:30am EST– UK CIPS Market Services PMI
- 8:30am EST- US Trade Balance
- 10:00am EST- US ISM Non Manufacturing
12:00am 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.
The entry was at the close of the candle at 1.4255 with a stop at the most recent swing high at 1.4271. Since I was only 5 pips away from the nearest 50 or 00 level, I decided to go for the same amount of pips I was risking on the trade, which in this case was 16. This put my initial target at 1.4239.
Entry: Short at 1.4255 Stop: 1.4271 Target: 1.4239
1:00am EST– My target was hit. Price did not make a clean break so I took my final profit. I exited at 1.4241. (+14 pips)
Trade Result: +14 pips R-Multiple: 0.87
News events to watch for Wednesday: