The trend was UP the entire day.
Today I only looked for long trades.
News events to watch for today :
4:00am 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 1.6430 with a stop at the most recent swing low at 1.6387. Since I was 20 pips away from the nearest 50 or 00 level I decided to put my target at 1.6450.
Entry: Long at 1.6430 Stop: 1.6387 Target: 1.6450
6:15am EST– Unfortunately I was stopped out of my trade. (-43 pips)
Trade Result: -43 pips R-Multiple: -1.00
News events to watch for Thursday:
- 6:00am EST– UK CBI Distributive Trades
- 8:30am EST- US Initial claims
- 10:00am EST– US Pending Home Sales