The trend was DOWN the entire day.
Today I only looked for short trades.
News events to watch for today:
3:00am 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 1.2154 with a stop at the most recent swing high at 1.2173. Since I was only 4 pips 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 19. This put my initial target at 1.2135.
Entry: Short at 1.2154 Stop: 1.2173 Target: 1.2135
4:15am EST– My target was hit. Since news was coming out at 4:30am EST, I decided to capture as much profit as possible and manually exited my trade. I got out at 1.2337. (+17 pips)
Trade Result: +17 pips R-Multiple: 0.89
News events to watch for Thursday:
- 8:30am EST– US Initial Claims