The trend was DOWN the entire day.
Today I only looked for short trades.
News events to watch for today:
- 4:30am EST– UK CPI
2:15am EST– There was a moving average crossover for a short trade. RSI was less than 50, stochastics were trending down but MACD was already negative from the previous candle. This cancelled out the signal and I did not enter.
8:45am 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 1.3300 with a stop at the most recent swing high at 1.3325. Since I was 50 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.3250.
Entry: Short at 1.3300 Stop: 1.3325 Target: 1.3250
9:45am EST– My target was hit. Price mad a clean break so I moved my stop to 1.3250 and set my next target for 1.3200.
10:00am EST– Unfortunately I was stopped out at my original target at 1.3250. (+50 pips)
Trade Result: +50 pips R-Multiple: 2.00
News events to watch for Wednesday:
- 4:30am EST– UK Claimant Count Rate