The trend was DOWN the entire day.
Today I only looked for short trades.
News events to watch for today :
- 10:00am EST– US New Home Sales
4:45am 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.
The entry was at the close of the candle at 1.4166 with a stop at the most recent swing high at 1.4196. Since I was 16 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.4150.
Entry: Short at 1.4166 Stop: 1.4196 Target: 1.4150
8:45am EST– My target was hit. Price made a clean break so I moved my stop to 1.4150 and set my next target for 1.4100.
9:15am EST– Unfortunately I got stopped out at my original target at 1.4150. (+16 pips)
Trade Result: +16 pips R-Multiple: 0.53