The trend was DOWN the entire day.
Today I only looked for short trades.
News events to watch for today:
- 4:30am EST– UK CIPS Market Construction PMI
- 8:30am EST– US Trade Balance
- 10:00am EST– US Factory Orders
7:00am 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 1.2433 with a stop at the most recent swing high at 1.2466. Since I was 33 pips away from the nearest 50 or 00 level I decided to put my initial target at 1.2400.
Entry: Short at 1.2433 Stop: 1.2466 Target: 1.2400
8:15am EST– My target wasn’t hit by that time. Since news was coming out at 8:30am EST I decided to manually exit my trade. I got out at 1.2438. (-5 pips)
Trade Result: -5 pips R-Multiple: -0.15
News events to watch for Wednesday:
- 4:30am EST– UK CIPS Market Services PMI
- 8:15am EST– US ADP Employment Survey
- 10:00am EST– US ISM Non Manufacturing