The trend was DOWN the entire day.
Today I only looked for short trades.
News events to watch for today :
5:15am 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 1.4458 with a stop at the most recent swing high at 1.4515. Since I was only 8 pips away from the nearest 50 or 00 level (1.4450), I decided to go for the same amount of pips I was risking on the trade, which in this case was 57. This put my initial target at 1.4401.
Entry: Short at 1.4458 Stop: 1.4515 Target: 1.4401
8:00am EST– My target was hit. Price made a clean break so I moved my stop to 1.4401 and held out to see how many pips I could get before the news event at 8:30am EST.
8:15am EST– The price got as low as 1.4341 and since news was coming out at 8:30am EST, I just wanted to catch as many pips as possible. I manually closed out my trade at 1.4345. (+ 113 pips)
Trade Result: -+113 pips R-Multiple: 1.98