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 and MACD was positive and losing value. This was a valid entry.
The entry was at the close of the candle at 1.3497 with a stop at the most recent swing high at 1.3520. Since I was 47 pips away from the nearest 50 or 00 level, I put my initial target at 1.3450.
Entry: Short at 1.3497 Stop: 1.3520 Target: 1.3450
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 1.3468. (+29 pips)
Trade Result: +29 pips R-Multiple: 1.26
News events to watch for Thursday:
- 8:30am EST– US Philly Fed Survey