Main Trend
The trend was DOWN the entire day.
Today I only looked for short trades.
News events to watch for today :- 4:30am EST- UK CIPS Construction PMI
- 10:00am EST- US Factory Orders
3:15am 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 1.5436 with a stop at the most recent high at 1.5465. Since I was 36 pips away from the nearest 50 or 00 level I decided to put my initial target at 1.5400.
Entry: Short at 1.5436 Stop: 1.5465 Target: 1.5400
3:45am EST- My target was hit. Price didn't make a clean break so I took my final profit. I exited at 1.5401. (+35 pips)
Trade Result: +35 pips R-Multiple: 1.20
News events to watch for Wednesday:- 4:30am EST-UK CIPS Services PMI; Current Account; GDP
- 7:00am EST- UK BOE MPC Meeting
- 8:15am EST- US ADP Employment Survey
- 10:00am EST- US ISM Non Manufacturing
For a complete list of news events check out our Forex Economic Calendar.
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