The trend was DOWN the entire day.
Today I only looked for short trades.
News events to watch for today:
- 4:30am EST– UK Claimant Count Rate
- 8:30am EST- US Retail Sales
- 9:15am EST– US Capacity Utilization
- 10:00am EST– US Business Inventories
2:00am EST– There was a moving average crossover for a short trade. RSI was less than 50, stochastics were trending down and MACD went from positive to negative. This was a valid entry.
The entry was at the close of the candle at 1.2454 with a stop at the most recent swing high at 1.2469. Since I was only 4 pips away from the nearest 50 or 00 level (1.2450), I decided to go for the same amount of pips I was risking on the trade, which in this case was 15. This put my initial target at 1.2439.
Entry: Short at 1.2454 Stop: 1.2469 Target: 1.2439
4:15am EST– My target wasn’t hit by this time. Since news was coming out at 4:30am EST, I wanted to lock in as much profit as possible. I manually exited my trade at 1.2446. (+8 pips)
Trade Result: +8 pips R-Multiple: 0.53
News events to watch for Thursday:
- 8:30am EST– US Phily Fed Survey