The trend was DOWN the entire day.
Today I only looked for short trades.
News events to watch for today:
- 8:30am EST– US GDP
- 9:00am EST– US S&P Case-Shiller Home Price
- 9:45am EST– US Chicago PMI
- 10:00am EST– US Consumer Confidence
2:00am 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 1.2426 with a stop at the most recent swing high at 1.2450. Since I was 26 pips away from the nearest 50 or 00 level I decided to put my initial target at 1.2400.
Entry: Short at 1.2426 Stop: 1.2450 Target: 1.2400
8:15am EST– Unfortunately my target wasn’t hit by this time. Since news was coming out at 8:30am EST, I decided to manually exit my trade. I got out at 1.2418. (+8 pips)
Trade Result: +8 pips R-Multiple: 0.33
News events to watch for Wednesday:
- 4:30am EST– UK CIPS Market Manufacturing PMI
- 8:30am EST– US Personal Spending
- 10:00am EST– US ISM Manufacturing