The trend was DOWN the entire day.
Today I only looked for short trades.
News events to watch for today:
1:00am EST– There was a moving average crossover for a long 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 1.2872 with a stop at the most recent swing high at 1.2881. Since I was 22 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.2850.
Entry: Short at 1.2872 Stop: 1.2881 Target: 1.2850
2:15am EST– Unfortunately I was stopped out of my trade. (-9 pips)
8:30am EST– There was a moving average crossover for a long trade. RSI was less than 50, stochastics were trending down but MACD was already negative from the previous candle. This cancelled out my signal and I did not enter.
Trade Result: -9 pips R-Multiple: -1.00
News events to watch for Wednesday:
- 4:30am EST– UK Unemployment Rate
- 8:45am EST– US Fed Potter Speaks
- 9:00am EST– US Fed Yellen’s Testimony in Congress