The trend stayed up the entire day.
Today I only looked for long trades.
News events to watch for today :
- 8:30am EST- US Advance Retail Sales
6:45am 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 1.6697 with a stop at the most recent low at 1.6668. Since I was only 3 pips away from the nearest 50 or 00 level (1.6700), I decided to go for the same amount of pips I was risking on the trade, which in this case was 29. This put my initial target at 1.6726.
Entry: Long at 1.6697 Stop: 1.6668 Target: 1.6726
7:15am EST- My target was hit. Price made a clean break, but it wasn’t a strong break. I held my trade a little longer to wait and see what would happen.
7:30am EST- Momentum seemed to hang around our target so I went ahead and closed out my trade right at 1.6726.
Trade Result: +29 pips (NOT INCLUDING SPREAD) R-Multiple: 1.00
News events to watch for tomorrow:
- 4:30am EST- UK CPI y/y
- 8:30am EST- US PPI m/m
- 9:00am EST- US TIC Long-Term Purchases
- 9:15am EST- US Capacity Utilization Rate; Industrial Production m/m