The trend was DOWN the entire day.
Today I only looked for short trades.
News events to watch for today:
3:00am 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.
4:45am 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 1.3587 with a stop at the most recent swing high at 1.3629. Since I was 37 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.3550.
Entry: Short at 1.3587 Stop: 1.3629 Target: 1.3550
8:15am EST– My target wasn’t hit by this time. Since news was coming out at 8:30am EST, I decided to manually exit my trade. I got out at 1.3590. (-3 pips)
9:00am EST– Didn’t consider this possible signal because it was close to the 8:15am EST news event.
Trade Result: -3 pips R-Multiple: -0.07
News events to watch for Friday:
- 8:30am EST– US NFP