Current Trend= The trend remained up the entire day.
Today I only looked for long trades.
1:15am ET- 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 2.0405 with a stop at the most recent swing low at 2.0383. Since I was 45 pips away from the nearest 50 or 00 level, I decided to put my target at 2.0450.
Entry: Long at 2.0405
Initial Target: 2.0450
4:15am ET- My target hadn’t been hit by this time. I knew that the UK Retail Sales were coming out at 4:30, and according to my rules, I never hold trades over significant news reports. As a result, I manually closed my trade. I ended up getting out at 2.0410.
Trade Result: +5 pips; R-Multiple: 0.22
Tomorrow’s news events to watch out for:
- 4:30am ET- GBP GDP
- 10:00am ET- US Fed Chairman, Ben Bernanke speaks
For the rest of tomorrow’s news lineup, check out our Forex Calendar