The trend was DOWN the entire day.
Today I only looked for short trades.
News events to watch for today:
- 4:30am EST- UK Public Sector Borrowing
- 7:00am EST– UK CBI Industrial Trends
- 9:00am EST- FHFA House Price Index
- 10:00am EST– US New Home Sales
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 1.3937 with a stop at the most recent swing high at 1.3954. Since I was 37 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.3900.
Entry: Short at 1.3937 Stop: 1.3954 Target: 1.3900
4:15am EST– My target wasn’t hit by this time. Since news was coming out at 4:30am EST, I decided to manually exit my trade. I got out at 1.3920. (+17 pips)
6:45am EST– Didn’t consider this possible signal because it was close to the 7:00am EST news event.
Trade Result: +17 pips R-Multiple: 1.00
News events to watch for Wednesday: