The trend was DOWN the entire day.
Today I only looked for short trades.
News events to watch for today:
4:45am 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 1.3887 with a stop at the most recent swing high at 1.3916. Since I was 37 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.3850.
Entry: Short at 1.3887 Stop: 1.3916 Target: 1.3850
9:00am EST– Unfortunately I was stopped out of my trade. (-29 pips)
Trade Result: -29 pips R-Multiple: -1.00
News events to watch for Friday: