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 went from positive to negative. This was a valid entry.
The entry was at the close of the candle at 1.4492 with a stop at the most recent swing high at 1.4526. Since I was 42 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.4450.
Entry: Short at 1.4492 Stop: 1.4526 Target: 1.4450
3:45am EST– My target was hit. Price did not make a clean break so I took my final profit. I got out at 1.4452. (+40 pips)
7:45am EST– No entry close to the 8:30am EST news event.
10:00am EST– No entry on the news candle.
11:45am EST– No entry right before 12 noon EST.
Trade Result: +40 pips R-Multiple: 1.17
News events to watch for Friday:
- 10:00am EST– US Univ. Of Mich. Sentiment
For a complete list of news events check out our Forex Economic Calendar.
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