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 CPI
- 9:15am EST- US Industrial Production; Capacity Utilization
- 10:00am EST– US NAHB Builders Survey
7:30am 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 1.6105 with a stop at the most recent swing low at 1.6070. Since I was 45 pips away from the nearest 50 or 00 level I decided to put my initial target at 1.6150.
Entry: Long at 1.6105 Stop: 1.6070 Target: 1.6150
8:15am EST– My target wasn’t hit by this time. Since news was coming out at 8:30am EST, I decided to go ahead and exit my trade. I got out at 1.6127. (+22 pips)
Trade Result: +22 pips R-Multiple: 0.62
News events to watch for Wednesday:
- 4:30am EST– UK ILO Unemployment Rate; Claimant Count Change; Average Earnings; Claimant Count Rate
- 8:30am EST- US Housing Starts; Building Permits