The trend was DOWN the entire day.
Today I only looked for short trades.
News events to watch for today:
5:00am 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 1.2924 with a stop at the most recent swing high at 1.2996. Since I was 24 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.2900.
Entry: Short at 1.2924 Stop: 1.2996 Target: 1.2900
7:00am EST– Unfortunately I was stopped out of my trade. (-72 pips)
8:45am EST– Didn’t enter because it was close to the 10:00am EST news event.
Trade Result: -72 pips R-Multiple: -1.00