The trend was up the entire day.
Today I only looked for long trades.
News events to watch for today :
- 4:30am EST– UK Public Borrowing
- 6:00am EST– UK CBI Industrial Trends
- 10:00am EST– US Existing Home Sales
The entry was at the close of the candle at 1.6222 with a stop at the most recent swing low at 1.6204. Since I was 38 pips away from the nearest 50 or 00 level I decided to put my target at 1.6250.
Entry: Long at 1.6222 Stop: 1.6204 Target: 1.6250
4:15am EST– Unfortunately my target wasn’t hit by this time. Since news was coming out at 4:30am EST I decided to manually exit my trade. I closed out at 1.6227. (+5 pips)
8:00am EST– There was a moving average crossover for a long trade. RSI was greater than 50, stochastics were trending up but MACD was already positive from the previous candle. This cancelled out the signal and I did not enter.
Trade Result: +5 pips R-Multiple: 0.27
News events to watch for Wednesday:
- 4:30am EST– UK Minutes of MPC meeting
- 10:00am EST– US Congressional Budget Office Outlook released; FHFA House Price Index