The trend was DOWN the entire day.
Today I only looked for short trades.
News events to watch for today:
1:30am 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 1.2962 with a stop at the most recent swing high at 1.2969. Since I was 12 pips away from the nearest 50 or 00 level, I decided to place my initial target at 1.2950.
Entry: Short at 1.2962 Stop: 1.2969 Target: 1.2950
3:00am EST– My target was hit. Price made a clean break so I moved my stop to 1.2950 and set my next target for 1.2900.
4:00am EST– Unfortunately I was stopped out at my original target at 1.2950. (+12 pips)
Trade Result: +12 pips R-Multiple: 1.71