The trend was DOWN the entire day.
Today I only looked for short trades.
News events to watch for today:
10:30am 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 1.2151 with a stop at the most recent swing high at 1.2177. Since I was only 1 pip away from the nearest 50 or 00 level (1.2150), I decided to go for the same amount of pips I was risking on the trade, which in this case was 26. This put my initial target at 1.2125.
Entry: Short at 1.2151 Stop: 1.2177 Target: 1.2125
10:45am EST– Unfortunately I was stopped out of my trade. (-26 pips)
Trade Result: -26 pips R-Multiple: -1.00