The trend was DOWN the entire day.
Today I only looked for short trades.
News events to watch for today :
1:30am 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 1.4257 with a stop at the most recent swing high at 1.4304. Since I was only 7 pips away from the nearest 50 or 00 level (1.42450), I decided to go for the same amount of pips I was risking on the trade, which in this case was 47. This put my initial target at 1.4210.
Entry: Short at 1.4257 Stop: 1.4304 Target: 1.4210
4:15am EST– My target wasn’t hit by this time. Since news was coming out at 4:30am EST, I decided to cut my losses and manually exit my trade. I got out at 1.4273. (-16 pips)
Trade Result: -16 pips R-Multiple: -0.34
News events to watch for Thursday:
- 8:30am EST– US Philly Fed Survey