The trend was UP the entire day.
Today I only looked for long trades.
News events to watch for today :
- 4:30am EST- UK CIPS Markit Construction PMI
- 8:15am EST- US ADP Employment Survey
- 10:00am EST- US Factory Orders
2:00am 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 1.7148 with a stop at the most recent swing low at 1.7142. I was only 2 pips away from the nearest 50 or 00 level (1.7150), but at the same time my target would be too small if I only targeted the same amount of pips I was risking on the trade (6 pips). Since it was a low risk trade, I went ahead and decided to set my target for 1.7200 since my possible reward to risk ratio was very high.
Entry: Long at 1.7148 Stop: 1.7142 Target: 1.7200
4:15am EST- My target wasn’t hit by this time, and news was coming out at 4:30. Since I was up on my trade, I just tried to catch as many pips as I could before closing out. I exited at 1.7167. (+19 pips)
10:00am EST- Didn’t even look at this possible signal because it was during a news candle.
Trade Result: +19 pips R-Multiple: 3.16