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
1:00am 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 1.6222 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