The trend was up the entire day.
Today I only looked for long trades.
News events to watch for today :
- 4:30am EST– UK Claimant Count; ILO Unemployment Rate; Average Earnings
- 8:30am EST- US Housing Starts ; Building Permits
7:00am EST– There was a moving average crossover for a long trade. RSI was greater than 50, stochastics were trending down and MACD went from negative to positive. This was valid entry.
The entry was at the close of the candle at 1.6004 with a stop at the most recent swing low at 1.5944. Since I was 46 pips away from the nearest 50 or 00 level I decided to put my initial target at 1.6050.
Entry: Long at 1.6004 Stop: 1.5944 Target: 1.6050
8:15am EST– Unfortunately my target wasn’t hit by this time. Since news was coming out at 8:30am EST I decided to manually exit my trade. I exited at 1.6016. (+12 pips)
Trade Result: +12 pips R-Multiple: 0.20