The trend was DOWN the entire day.
Today I only looked for short trades.
News events to watch for today:
- 4:30am EST– UK Mortgage Approvals
- 8:30am EST– US Personal Spending
- 10:00am EST– US Pending Home Sales
1:45am 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. This was a valid entry.
The entry was at the close of the candle at 1.3298 with a stop at the most recent swing high at 1.3343. Since I was 48 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.3250.
Entry: Short at 1.3298 Stop: 1.3343 Target: 1.3250
2:30am EST– Unfortunately I was stopped out of my trade. (-45 pips)
Trade Result: -45 pips R-Multiple: -1.00