The trend was DOWN the entire day.
Today I only looked for short trades.
News events to watch for today:
8:15am 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 1.2418 with a stop at the most recent swing high at 1.2475. Since I was 18 pips away from the nearest 50 or 00 level I decided to put my initial target at 1.2400.
Entry: Short at 1.2418 Stop: 1.2475 Target: 1.2400
9:15am EST– My target was hit. Price didn’t make a clean break so I took my final profit. I got out at 1.2402. (+16 pips)
Trade Result: +16 pips R-Multiple: 0.28
News events to watch for Thursday:
- 8:30am EST– US GDP