The trend was DOWN the entire day.
Today I only looked for short trades.
News events to watch for today :- 4:30am EST- UK BOE Releases record of Interim FPC Meeting
- 7:30am EST- US Conference on India hosted by Bloomberg
2:00am 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 1.5612 with a stop at the most recent swing high at 1.5641. Since I was 12 pips away from the nearest 50 or 00 level I put my initial target at 1.5600.
Entry: Short at 1.5612 Stop: 1.5641 Target: 1.5600
2:30am EST- My target was hit. Price didn't make a clean break so I took my final profit. I exited at 1.5602. (+10 pips)
6:45am EST- There was a signal here but because it was near the 7:30am EST news I did not enter.
Trade Result: +10 pips R-Multiple: 0.34
News events to watch for Wednesday:- 4:30am EST- UK Manufacturing Production; Industrial Production
- 10:00am EST- UK NEISR GDP Est.
For a complete list of news events check out our Forex Economic Calendar.
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