The trend was DOWN until the entire day today.
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 1.2842 with a stop at the most recent swing high at 1.2850. Since I was 42 pips away from the nearest 50 or 00 level, I decided to place my initial target at 1.2800.
Entry: Short at 1.2842 Stop: 1.2850 Target: 1.2800
7:00am EST– Unfortunately my target wasn’t hit by this time. Since news was coming out at 7:15am EST, I decided ot manually close out my trade. I got out at 1.2818. (+24 pips)
Trade Result: +24 Pips R-Multiple: 3.00