The trend was DOWN the entire day.
Today I only looked for short trades.
News events to watch for today :
- 4:30am EST– UK BBA Mortgage Approvals
- 6:00am EST– UK CBI Distributive Trades
- 8:30am EST– US Durable Goods
1:00am 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. This was a valid entry.
The entry was at the close of the candle at 1.5696 with a stop at the most recent swing high at 1.5719. Since I was 46 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.5650.
Entry: Short at 1.5696 Stop: 1.5719 Target: 1.5650
4:15am EST– My target wasn’t hit by this time. Since news was coming out at 4:30am EST, I decided to manually exit my trade. I got out at 1.5674. (+22 pips)
Trade Result: +22 pips R-Multiple: 0.95