The trend was DOWN until the entire day today.
Today I only looked for short trades.
News events to watch for today:
3:00am 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 1.3037 with a stop at the most recent swing high at 1.3051. Since I was 37 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.3000.
Entry: Short at 1.3037 Stop: 1.3051 Target: 1.3000
4:15am EST– My target wasn’t hit by this time. Since news was coming out at 4:30am EST, I decided to lock in as much profit as I could and exited my trade at 1.3009. (+28 pips)
10:45am EST– Didn’t consider this possible signal because it was too close to the 12 noon EST cutoff time.
Trade Result: +28 Pips R-Multiple: 2.00
News events to watch for Friday:
- 8:30am EST– US Housing Starts