The trend was UP the entire day.
Today I only looked for long trades.
News events to watch for today :
8:30am EST– There was a moving average crossover for a long trade. RSI was greater than 50, stochastics were trending up and MACD was negative and gaining value. This was a valid entry.
The entry was at the close of the candle at 1.6222 with a stop at the most recent swing low at 1.6191. Since I was 28 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.6250.
Entry: Long at 1.6222 Stop: 1.6191 Target: 1.6250
9:00am EST – My target was hit. Price didn’t make a clean break so I exited my trade. I got out at 1.6248. (+26 pips)
Trade Result: +26 pips R-Multiple: 0.83
News events to watch for Thursday:
- 4:30am EST– UK CIPS/Markit Services PMI
- 8:30am EST- US Initial Claims
- 10:00am EST- US ISM Non-Manufacturing
For a complete list of news events check out our Forex Economic Calendar.
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