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 was positive and losing value. This was a valid entry.
The entry was at the close of the candle at 1.4198 with a stop at the most recent swing high at 1.4209. Since I was 48 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.4150.
Entry: Short at 1.4198 Stop: 1.4209 Target: 1.4150
3:00am EST– Unfortunately I was stopped out of my trade. (-11 pips)
3:45am EST– Didn’t consider this possible signal because it was close to the 4:30am EST news event.
10:30am EST– There was a moving average crossover for a short trade. RSI was less than 50, stochastics were trending down, but MACD was already negative from the previous candle. This cancelled out my signal and I did not enter.
Trade Result: -11= +7 pips R-Multiple: -1.00
News events to watch for Friday: