The trend was DOWN the entire day.
Today I only looked for short trades.
News events to watch for today :
2:30am EST– There was a moving average crossover for a short trade. RSI was less than 50, stochastics were trending down, but MACD was already negative. This cancelled out the signal and I did not enter.
3:45am EST– Didn’t consider this a possible trade because it was close to the 4:30am EST news event.
10:15am 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 lowing value. This was a valid entry.
The entry was at the close of the candle at 1.5220 with a stop at the most recent swing high at 1.5240. Since I was 20 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.5200.
Entry: Short at 1.5220 Stop: 1.5240 Target: 1.5200
10:45am EST– Unfortunately I was stopped out of my trade. (-40 pips)
Trade Result: -20 pips R-Multiple: -1.00
News events to watch for Wednesday: