The trend was up the entire day.
Today I only looked for long trades.
News events to watch for today :
7:30am EST– 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 1.6049 with a stop at the most recent swing low at 1.6003. Since I was only 1 pip away from the nearest 50 or 00 level (1.6050), I decided to go for the same amount of pips I was risking on the trade, which in this case was 46 pips. This put my initial target at 1.6095.
Entry: Long at 1.6049 Stop: 1.6003 Target: 1.6095
8:15am EST- My target wasn’t hit by this time. Since news was coming out at 8:30am EST, I decided to manually exit my trade and cut my losses. I exited at 1.6032. (-17 pips)
Trade Result: -17 Pips (Not including spread) R-Multiple: -0.37
News events to watch for Friday:
- 4:30am EST– US Retail Sales ; Empire State Survey ; CPI excl Food & Energy
- 9:55am EST- US Univ. of Mich. Consumer sentiment
- 10:00am EST– US Business Inventories