The trend was DOWN the entire day.
Today I only looked for short trades.
News events to watch for today:
- 8:30am EST– US Trade Balance
8:45am 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 1.2192 with a stop at the most recent swing high at 1.2204. Since I was 42 pips away from the nearest 50 or 00 level I decided to put my initial target at 1.2150.
Entry: Short at 1.2192 Stop: 1.2204 Target: 1.2150
11:45am EST– Unfortunately I was stopped out of my trade. (-12 pips)
Trade Result: -12 pips R-Multiple: -1.00