The trend was DOWN the entire day.
Today I only looked for short trades.
News events to watch for today:
1:15am EST– There was a moving average crossover for a short trade. RSI was less than 50, stochastics were trending dowm and MACD went from positive to negative. This was a valid entry.
The entry was at the close of the candle at 1.3072 with a stop at the most recent swing high at 1.3082. Since I was 22 pips away from the nearest 50 or 00 level, I put my initial target at 1.3050.
Entry: Short at 1.3072 Stop: 1.3082 Target: 1.3050
2:15am EST– My target was hit. Price made a clean break so I moved my stop to 1.3050 and set my next target to 1.3000.
2:30am EST– Unfortunately I was stopped out of my original target at 1.3050. (+22 pips)
Trade Result: +22 pips R-Multiple: 2.20
News events to watch for Friday:
- 4:30am EST– UK Public Finances