The trend was DOWN the entire day.
Today I only looked for short trades.
News events to watch for today :
3:15am 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. This was a valid entry.
The entry was at the close of the candle at 1.4655 with a stop at the most recent swing high at 1.4680. Since I was only 5 pips away from the nearest 50 or 00 level ( 1.4650), I decided to go for the same amount of pips I was risking on the trade, which in this case was 25. This put my target at 1.4630.
Entry: Short at 1.4655 Stop: 1.4680 Target: 1.4630
4:15am EST– My target was hit. Since news was coming out at 4:30am EST, I decided to close out my trade. I got out at 1.4632. (+23 pips)
Trade Result: +23 pips R-Multiple: 0.92
News events to watch for Wednesday:
- 8:30am EST– US Empire State Survey
- 9:15am EST– US Capacity Utilization
- 10:00am EST– US NAHB Builders Survey