The trend was DOWN until the entire day today.
Today I only looked for short trades.
News events to watch for today:
- 6:30am EST– UK PPI
7:15am 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 1.3220 with a stop at the most recent swing high at 1.3252. Since I was 20 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.3200.
Entry: Short at 1.3220 Stop: 1.3252 Target: 1.3200
8:15am EST– My target was hit. Price made a clean break so I moved my stop to 1.3200 and set my next target for 1.3150.
8:30am EST– Unfortunately I was stopped out at my original target at 1.3200. (+20 pips)
Trade Result: +20 Pips R-Multiple: 0.62
News events to watch for Thursday:
- 5:30am EST– UK Public Finances
- 6:30am EST- UK Retail Sales
- 8:00am EST– UK BOE Rate Decision
- 8:30am EST– US Philly Fed Survey