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
- 8:30am EST– US Initial Claims; Core PCE Price Index; GDP
- 10:00am EST– US Pending Home Sales
6:30am 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 a valid entry.
The entry was at the close of the candle at 1.6000 with a stop at the most recent swing low at 1.5976. Since I was 50 pips away from the nearest 50 or 00 level I put my initial target at 1.6050.
Entry: Long at 1.6000 Stop: 1.59658764 Target: 1.6050
8:30am EST- My target wasn’t hit by this time. Since news was coming out at 8:30am EST I went ahead and closed out my trade. I exited at 1.6030. (+30 pips)
Trade Result: +30 pips R-Multiple: 1.25
News events to watch for Friday:
- 8:30am EST–US Employment Cost Index; Personal Income; Personal Spending; Core PCE
- 9:55am EST– US Univ of Mich Sentiment