The trend was DOWN the entire day.
Today I only looked for short trades.
News events to watch for today :
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 1.5490 with a stop at the most recent swing high at 1.5504. Since I was 40 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.5450.
Entry: Short at 1.5490 Stop: 1.5504 Target: 1.5450
7:00am EST– My target was hit. Since price made a clean break, I moved my stop to 1.5450 and set my next target for 1.5400.
7:15am EST– Unfortunately I got stopped out at my original target of 1.5450. (+40 pips)
Trade Result: +40 pips R-Multiple: 2.85