The trend was UP the entire day.
Today I only looked for long trades.
News events to watch for today :
1:00am EST– There was a moving average crossover for a long trade. RSI was greater than 50, stochastics were trending up but MACD was already positive from the previous candle. This cancelled out my signal and I did not enter.
7:15am 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 1.5911 with a stop at the most recent swing low at 1.5885. Since I was 39 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.5950.
Entry: Long at 1.5911 Stop: 1.5885 Target: 1.5950
8:15am EST – My target wasn’t hit by this time. Since news was coming out at 8:30am EST, I decided to cut my losses and manually exit my trade. I got out at 1.5905. (-6 pips)
8:45am EST– There was a moving average crossover for a long trade. RSI was greater than 50, MACD went from negative to positive, but stochastics were still trending down. This cancelled out the signal and I did not enter.
9:30am EST– Did not even consider this potential signal because it was right before the 10:00am EST news.
Trade Result: -6 pips R-Multiple: -0.23