The trend was DOWN the entire day.
Today I only looked for short trades.
News events to watch for today:
- 8:15am EST– US ADP National Employment Report
1:00am EST– There was a moving average crossover for a short trade. RSI was less than 50, stochastics were trending down and MACD went from positive to negative. This was a valid entry.
The entry was at the close of the candle at 1.3602 with a stop at the most recent swing high at 1.3618. Since I was only 2 pips away from the nearest 50 or 00 level (1.3600), I decided to go for the same amount of pips I was risking on the trade, which in this case was 16. This put my initial target at 1.3586.
Entry: Short at 1.3602 Stop: 1.3618 Target: 1.3586
2:00am EST– My target was hit. Price made a clean break so I moved my stop to 1.3586 and set my next target for 1.3550.
2:15am EST- Unfortunately I was stopped out at my original target at 1.3586. (+16 pips)
7:30am EST– Didn’t consider this possible signal because it was close to the 8:15am EST news event.
9:30am 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: +16 pips R-Multiple: 1.00