The trend was UP the entire day.
Today I only looked for long trades.
News events to watch for today :
- 6:00am EST– UK CBI Distributive Trades
- 9:00am EST– US S&P Case-Shiller Home Price
- 10:00am EST– US Consumer Confidence
6:45am EST– There was a moving average crossover for a long trade. RSI was greater than 50, stochastics were trending up and MACD went from negative to positive. This was a valid entry. The entry was at the close of the candle at 1.5571 with a stop at the most recent low at 1.5525. Since I was 29 pips away from the nearest 50 or 00 level I decided to put my initial target at 1.5600.
Entry: Long at 1.5571 Stop: 1.5525 Target: 1.5600
7:15am EST– My target was hit. Price didn’t make a clean break so I took my final profit. I exited at 1.5600. (+29 pips)
Trade Result: +29 pips R-Multiple: 0.63
News events to watch for Wednesday:
- 8:30am EST– US Durable Goods