The trend was DOWN the entire day.
Today I only looked for short trades.
News events to watch for today:
- 4:30am EST– UK Retail Sales
- 7:00am EST– UK BOE MPC Rate
- 8:30am EST– US CPI
- 10:00am EST– US NAHB Builders Survey
2:45am 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 1.2542 with a stop at the most recent swing high at 1.2566. Since I was 42 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.2500.
Entry: Short at 1.2542 Stop: 1.2566 Target: 1.2500
4:15am EST– My target wasn’t hit by this time. Since news was coming out at 4:30am EST, I tried to grab as many pips as possible and manually exited my trade. I got out at 1.2515. (+27 pips)
Trade Result: +27 pips R-Multiple: 1.12
News events to watch for Friday:
- 8:30am EST– US Housing Starts