The trend was down the entire day.
Today I only looked for short trades.
News events to watch for today:
1:45am 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 1.3236 with a stop at the most recent swing high at 1.3249. Since I was 36 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.3200.
Entry: Short at 1.3236 Stop: 1.3249 Target: 1.3200
3:00am EST– My target was hit. Price made a clean break so I moved my stop to 1.3200 and set my next target for 1.3150.
3:15am EST– Unfortunately I was stopped out at my original target at 1.3200. (+36 pips)
Trade Result: +36 pips R-Multiple: 2.76