The trend was DOWN the entire day.
Today I only looked for short trades.
News events to watch for today :
- 8:30am EST– US Initial Claims
1:15am 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 1.4628 with a stop at the most recent swing high at 1.4638. Since I was 28 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.4600.
Entry: Short at 1.4628 Stop: 1.4638 Target: 1.4600
2:30am EST– My target was hit. Price did not make a clean break so I took my final profit. I got out at 1.4603. (+25 pips)
Trade Result: +25 pips R-Multiple: 2.50