The trend was DOWN the entire day.
Today I only looked for short trades.
News events to watch for today:
- 10:00am EST– US ISM Manufacturing
2:00am 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 1.2850 with a stop at the most recent swing high at 1.2868. Since I was 50 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.2800.
Entry: Short at 1.2850 Stop: 1.2868 Target: 1.2800
9:45am EST– Unfortunately my target wasn’t hit by this time. Since news was coming out at 10:00am EST, I decided to manually exit my trade. I got out at 1.2830. (+20 pips)
10:00am EST– Didn’t consider this possible signal because it was on a news event.
Trade Result: -+20 pips R-Multiple: 1.11