The trend remained up the entire day.
Today I only looked for long trades.
News events to watch for today :
- 4:30am EST– UK Revised GDP q/q
- 2:00pm EST– US Bernanke Speaks
2:15am EST– There was a moving average crossover for a long trade. RSI was greater than 50, MACD was negative and gaining value, but stochastics were not trending up. This cancelled out the signal and I did not enter.
The entry was at the close of the candle at 1.5848 with a stop at the most recent low at 1.5754. Since I was only 2 pips away from the nearest 50 or 00 level (1.5850) I decided to go for the same amount of pips I was risking on the trade, which in this case was 94. This put my initial target at 1.5942.
Entry: Long at 1.5848 Stop: 1.5754 Target: 1.5942
7:45am EST– My target was hit. Price did not make a clean break so I took my final profit. I managed to exit at 1.5935.
The entry was at the close of the candle at 1.5904 with a stop at the most recent low at 1.5853. Since I was only 46 pips away from the nearest 50 or 00 level, I decided to put my target at 1.5950.
Entry: Long at 1.5904 Stop: 1.5853 Target: 1.5950
1:45am EST– My target wasn’t hit by this time. News was coming out at 2pm EST, so I went ahead and closed my trade at 1.5911.
Trade Result: +87 +7= +94 pips (NOT INCLUDING SPREAD) R-Multiple: 0.92; 0.13
News events to watch for tomorrow:
- No trading! Memorial Day!