The trend was DOWN the entire day.
Today I only looked for short trades.
News events to watch for today:
- 8:30am EST– US Housing Starts
3:30am 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 1.3036 with a stop at the most recent swing high at 1.3064. Since I was 36 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.3000.
Entry: Short at 1.3036 Stop: 1.3064 Target: 1.3000
4:15am EST– My target was hit. Price did not make a clean break so I took my final profit. I got out at 1.3003. (+33 pips)
Trade Result: +33 pips R-Multiple: 1.17
News events to watch for Wednesday: