The trend was UP the entire day.
Today I only looked for long trades.
News events to watch for today :
5:00am 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 a valid entry.
The entry was at the close of the candle at 1.5726 with a stop at the most recent swing low at 1.5653. Since I was 24 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.5750.
Entry: Short at 1.5726 Stop: 1.5653 Target: 1.5750
7:45am EST– My target was hit. Price made a clean break so I moved my stop to 1.5750 and set my next target for 1.5800.
8:45am EST– Unfortunately I got stopped out at my original target at 1.5750. (+24 pips)
Trade Result: +24 pips R-Multiple: 0.33
News events to watch for Thursday:
- 4:30am EST– UK Retail Sales
- 8:30am EST– US Initial Claims
- 10:00am EST– US Philly Fed Survey; Existing Home Sales; FHFA House Price Index