The trend was DOWN the entire day.
Today I only looked for short trades.
News events to watch for today :
6:15am EST– Didn’t consider this possible signal because it was right before the 7:00am EST news.
8:15am EST– Didn’t consider this possible signal because it was right before the 8:30am EST news.
9:45am 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.
The entry was at the close of the candle at 1.4139 with a stop at the most recent swing high at 1.4177. Since I was 39 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.4100.
Entry: Short at 1.4139 Stop: 1.4177 Target: 1.4100
11:45am EST– Unfortunately my target wasn’t hit by this time. Since it was approaching 12 noon EST, I decided to manually exit my trade and cut my losses. I got out at 1.4140. (-1 pip)
Trade Result: -1 pip R-Multiple: -0.02
News events to watch for Friday:
- 8:30am EST– US Empire Survey
- 9:15am EST– US Industrial Production
- 10:00am EST– US Univ. Of Mich. Sentiment