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 1.5032 with a stop at the most recent swing high at 1.5060. Since I was 32 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.5000.
Entry: Short at 1.5032 Stop: 1.5060 Target: 1.5000
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 and take my profits. I exited out at 1.5005. (+27 pips)
Trade Result: +27 pips R-Multiple: 0.96
News events to watch for Wednesday:
- 10:00am EST– US Wholesale Inventories