The trend was UP the entire day.
Today I only looked for long trades.
News events to watch for today :
- 4:30am EST–UK Retail Sales
- 8:30am EST– US CPI; Initial Claims; Empire State Survey
- 9:15am EST- US Capacity Utilization; Industrial Production
- 10:00am EST– US Philly Fed Survey; NAHB Builders Survey
2:00am 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 1.5520 with a stop at the most recent swing low at 1.5514. Since I was 30 pips away from the nearest 50 or 00 level I put my initial target at 1.5550.
Entry: Long at 1.5520 Stop: 1.5514 Target: 1.5550
4:15am EST – My target was hit. Price made a clean break but news was coming out at 4:30am EST. I tried to catch as many pips I could before exiting out. I got out at 1.5562. (+42 pips)
11:00am EST– There was a signal here but because it was pretty close to 12 noon EST I decided not to enter.
Trade Result: +42 pips R-Multiple: 7.00