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 Net Borrowing
2:15am 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 1.3416 with a stop at the most recent swing high at 1.3432. Since I was 16 pips away from the nearest 50 or 00 level, I put my initial target at 1.3400.
Entry: Short at 1.3416 Stop: 1.3432 Target: 1.3400
3:00am EST– Unfortunately I was stopped out of my trade. (-16 pips)
7:00am 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.
Trade Result: -16 pips R-Multiple: -1.00