The trend was UP the entire day.
Today I only looked for long trades.
News events to watch for today :
- 8:30am EST– US Initial Claims
4:30am 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 1.5504 with a stop at the most recent swing low at 1.5485. Since I was 46 pips away from the nearest 50 or 00 level I put my initial target at 1.5550.
Entry: Long at 1.5504 Stop: 1.5485 Target: 1.5550
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 1.5503. (-1 pip)
8:30am EST– Didn’t enter this because the signal was on a news candle.
Trade Result: -1 pip R-Multiple: 0.05