The trend was DOWN the entire day.
Today I only looked for short trades.
News events to watch for today:
- 5:30am EST– UK BOE Mortgage Approvals
- 9:00am EST– US S&P Case-Shiller Home Price
- 10:00am EST– US Consumer Confidence
12:45am 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 1.3084 with a stop at the most recent swing high at 1.3092. Since I was 34 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.3050.
Entry: Short at 1.3084 Stop: 1.3092 Target: 1.3050
3:45am EST– Unfortunately I was stopped out of my trade. (-8 pips)
4:45am EST- Didn’t consider this possible signal because it was close to the 5:30am EST news.
11:00am EST– Didn’t consider this possible signal because it was close to 12 noon EST.
Trade Result: -8 pips R-Multiple: -1.00