The trend was DOWN the entire day.
Today I only looked for short trades.
News events to watch for today:
- 8:30am EST– US PPI
6:30am 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 1.3473 with a stop at the most recent swing high at 1.3497. Since I was 23 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.3450.
Entry: Short at 1.3473 Stop: 1.3497 Target: 1.3450
8:15am EST– Unfortunately my target wasn’t hit by this time. Since news was coming out at 8:30am EST, I decided to cut my losses and manually exit my trade. I got out at 1.3487. (-14 pips)
Trade Result: -14 pips R-Multiple: -0.58