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 down and MACD went from positive to negative. This was a valid entry.
The entry was at the close of the candle at 1.2807 with a stop at the most recent swing high at 1.2818. Since I was only 7 pips away from the nearest 50 or 00 level (1.2800), and because I was only risking 11 pips on the trade, I decided to place my initial target at 1.2750.
Entry: Short at 1.2807 Stop: 1.2818 Target: 1.2750
3:00am EST– My target was hit. Price made a clean break so I moved my stop to 1.2750 and set my next target for 1.2700.
3:30am EST– Unfortunately I got stopped out of my original target at 1.2750. (+57 pips)
9:45am EST– I didn’t consider this possible signal because it was right before the 10am EST news event.
Trade Result: +57 pips R-Multiple: 5.18