The trend was up the entire day.
Today I only looked for long trades.
News events to watch for today :
- 4:30am EST– UK Retail Sales
2:30am 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 valid entry.
The entry was at the close of the candle at 1.6183 with a stop at the most recent swing low at 1.6147. Since I was 17 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.6200.
Entry: Long at 1.6183 Stop: 1.6147 Target: 1.6200
2:45am EST– My target was hit. Price ended up closing right at 1.6200 so I went ahead and closed out my trade.
7:45, 10:00 am EST– There was a moving average crossover for a short trade. RSI was less than 50, MACD was negative and gaining value, but stochastics were still trending down. This cancelled out the signal and I did not enter.
Trade Result: +17 pips R-Multiple: 0.47
News events to watch for Monday: