The trend was UP the entire day.
Today I only looked for long trades.
News events to watch for today :
- 8:30am EST– US Employment Cost Index
- 9:00am EST– US Treasury Makes Quarterly Refunding Announcement
- 9:45am EST– US Chicago PMI
3:45am 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 1.6089 with a stop at the most recent swing low at 1.6077. Since I was 11 pips away from the nearest 50 or 00 level I decided to put my initial target at 1.6100.
Entry: Long at 1.6089 Stop: 1.6077 Target: 1.6100
4:00am EST– My target was hit. Price made a clean break so I my moved my stop to 1.6100 and set my next target for 1.6150.
8:15am EST- Unfortunately my 2nd target wasn’t by this time. Since news was coming out at 8:30am EST, I decided to take as much as profit as I could and get out while I was ahead. I exited at 1.6120. (+31 pips)
Trade Result: +31 pips R-Multiple: 2.58
News events to watch for Thursday:
- 5:30am EST– UK CIPS Manufacturing PMI
- 8:30am EST– US Initial Claims
- 10:00am EST– US Consumer Confidence; ISM Manufacturing