The trend was DOWN the entire day.
Today I only looked for short trades.
News events to watch for today :
- 6:00am EST– UK CBI Distributive Trades
- 8:30am EST– US Durable Goods
- 9:00am EST- US S&P Case-Shiller Home Price
- 10:00am EST– US Consumer Confidence
1:00am 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 1.5544 with a stop at the most recent swing high at 1.5456. Since I was 44 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.5400.
Entry: Short at 1.5544 Stop: 1.5456 Target: 1.5400
3:00am EST– My target was hit. Price didn’t make a clean break so I took my final profit. I got out at 1.5403. (+41 pips)
8:00am EST– Didn’t consider this possible signal because it was right before the 8:30am EST news..
Trade Result: -+41 pips R-Multiple: 3.41
News events to watch for Wednesday: