The trend was DOWN the entire day.
Today I only looked for short trades.
News events to watch for today:
2:30am 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 1.3015 with a stop at the most recent swing high at 1.3029. Since I was 15 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.3000.
Entry: Short at 1.3015 Stop: 1.3029 Target: 1.3000
3:15am EST– My target was hit. Price made a clean break so I moved my stop to 1.3000 and set my next target for 1.2950.
3:45am EST– Unfortunately I got stopped out at my original target of 1.3000. (+15 pips)
Trade Result: +15 pips R-Multiple: 1.07
News events to watch for Friday:
- 4:30am EST– UK Public Sector Net Borrowing