The trend was DOWN the entire day.
Today I only looked for short trades.
News events to watch for today:
- 4:30am EST– UK CIPS Market Construction PMI
2:15am 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 1.2819 with a stop at the most recent swing high at 1.2848. Since I was 19 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.2800.
Entry: Short at 1.2819 Stop: 1.2848 Target: 1.2800
2:45am EST– My target was hit. Price made a clean break so I moved my stop to 1.2800 and set my next target for 1.2750.
4:15am EST– Unfortunately my 2nd target wasn’t hit at this time. Since news was coming out at 4:30am EST, I decided to manually exit my trade. I got out at 1.2773. (+46 pips)
Trade Result: +46 pips R-Multiple: 1.53
News events to watch for Wednesday:
- 4:30am EST- UK CIPS Market Services PMI
- 8:15am EST– US ADP Employment Survey
- 10:00am EST– US ISM Non-Manufacturing