The trend was DOWN the entire day.
Today I only looked for short trades.
News events to watch for today:
2:00am 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 1.2945 with a stop at the most recent swing high at 1.2960. Since I was 45 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.2900.
Entry: Short at 1.2945 Stop: 1.2960 Target: 1.2900
4:45am EST– My target was hit. Price closed right at my target so I went ahead and took my final profit at 1.2900. (+45 pips)
Trade Result: +45 pips R-Multiple: 3.00
News events to watch for Thursday:
- 8:30am EST– US PPI