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 Manufacturing PMI
12:00am 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 1.2898 with a stop at the most recent swing high at 1.2908. Since I was 48 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.2850.
Entry: Short at 1.2898 Stop: 1.2908 Target: 1.2850
4:15am EST– Unfortunately my target wasn’t hit by this time. Since news was coming out at 4:30am EST, I decided to manually exit my trade. I got out 1.2878. (+20 pips)
Trade Result: +20 pips R-Multiple: 2.00
News events to watch for Wednesday:
- 4:30am EST– UK CIPS Market Construction PMI
- 8:15am EST– US ADP Employment Survey
- 10:00am EST– US ISM Non-Manufacturing