The trend was DOWN the entire day.
Today I only looked for short trades.
News events to watch for today :
3:00am 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 1.4260 with a stop at the most recent swing high at 1.4280. Since I was only 10 pips away from the nearest 50 or 00 level (1.4250), I decided to go for the same amount of pips I was risking on the trade, which in this case was 20 pips. This put my initial target at 1.4240.
Entry: Short at 1.4260 Stop: 1.4280 Target: 1.4240
3:30am EST– My target was hit. Price did not make a clean break so I took my final profit. I exited at 1.4241. (+19 pips)
Trade Result: +19 pips R-Multiple: 0.95