The trend was UP the entire day.
Today I only looked for long trades.
News events to watch for today :
- 4:30am EST– UK CPI
- 8:30am EST– US Housing Starts; Building Permits
- 9:15am EST– US Capacity Utilization; Industrial Production
3:00am 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 1.5892 with a stop at the most recent swing low at 1.5866. Since I was only 8 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 26. This put my initial target at 1.5918.
Entry: Long at 1.5892 Stop: 1.5866 Target: 1.5918
3:45am EST– My target was hit. Price made a clean break so I moved my stop to 1.5918 and set my next target for 1.5950.
4:00am EST– Unfortunately I was stopped out at my initial target at 1.5918. (+26 pips)
Trade Result: +26 pips R-Multiple: 1.00
News events to watch for Wednesday:
- 4:30am EST- UK Claimant Count Change; Claimant Count Rate; ILO Unemployment Rate; Average Earnings; Meeting Minutes