The trend was UP the entire day.
Today I only looked for long trades.
News events to watch for today :
- 5:30am EST– UK Meeting Minutes
- 8:30am EST– UK Chancellor Osborne gives budget speech
- 10:00am EST– US Existing Home Sales
4:00am 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 1.5891 with a stop at the most recent swing low at 1.5868. Since I was only 9 pips away from the nearest 50 or 00 level (1.5900), I decided to go for the same amount of pips I was risking on the trade, which in this case was 23. This put my initial target at 1.5914.
Entry: Long at 1.5891 Stop: 1.5868 Target: 1.5914
4:15am EST- My target was hit. Price made a clean break (barely) so I moved my stop to 1.5914 and set my next target for 1.5950.
4:30am EST– I ended up getting stopped out at my original target at 1.5914. (+23 pips)
Trade Result: +23 pips R-Multiple: 1.00