The trend was UP the entire day.
Today I only looked for long trades.
News events to watch for today :
- 4:30am EST– UK GDP
- 8:30am EST– US Durable Goods
- 9:00am EST- US S&P Case-Shiller Home Price
- 10:00am EST– US Consumer Confidence; FHFA House Price Index
7:00am 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 1.6028 with a stop at the most recent swing low at 1.6014. Since I was 22 pips away from the nearest 50 or 00 level I decided to put my initial target at 1.6050.
Entry: Long at 1.6028 Stop: 1.6014 Target: 1.6050
8:15am EST– My target wasn’t hit by this time. Since news was coming out at 8:30am EST, I decided to manually exit my trade. I got out at 1.6045. (+17 pips)
Trade Result: +17 pips R-Multiple: 1.21
News events to watch for Wednesday:
- 10:00am EST– US New Home Sales