The trend was UP the entire day.
Today I only looked for long trades.
News events to watch for today :
- 6:00am EST– CBI Distributive Trades
- 8:30am EST– US Initial Claims
- 9:00am EST– US FHFA House Price Index
- 10:00am EST– US Existing Home Sales
1:45am EST– There was a moving average crossover for a long trade. RSI was greater than 50, stochastics were trending up and MACD went from negative to positive. This was a valid entry.
The entry was at the close of the candle at 1.6566 with a stop at the most recent swing low at 1.6557. Since I was 34 pips away from the nearest 50 or 00 level I decided to put my initial target at 1.6600.
Entry: Long at 1.6566 Stop: 1.6557 Target: 1.6600
3:15am EST– My target was hit. Price made a clean break so I moved my stop to 1.6600 and set my next target for 1.6650.
3:30am EST– Unfortunately I got stopped out of my initial target at 1.6600. (+34 pips)
Trade Result: +34 pips R-Multiple: 3.77
News events to watch for Friday:
- 4:30am EST– UK BBA Mortgage Approvals