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Current Trend= The trend remained up the entire day.
Today I only looked for long trades.
News events to watch for today :
- 4:30am EST– UK CPI
- 8:30am EST- US Retail Sales, PPI
1:00am 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 1.9980 with a stop at the most recent swing low at 1.9965. Since I was 20 pips away from the nearest 50 or 00 level, I decided to put my initial target at 2.0000.
Entry: Long at 1.9980
Initial Target: 2.0000
3:15am EST- My target was hit. Price made a clean break of my target so I moved my stop to 2.0000 and set my next target for 2.0050.
4:00am EST– My 2nd target was hit at 2.0050. Price made a clean break again so I moved my stop to 2.0050 and set my next target for 2.0100.
4:15am EST- Price gets as high as 2.0028 and starts to move back down. I know news is coming out at 4:30 so I try to get out with as many pips as possible. I manage to get out at 2.0019.
Trade Result: +139 pips (NOT INCLUDING SPREAD: R-Multiple: 9.26
News events to watch for tomorrow :
- 4:30am EST– UK Claimant Count Change
- 8:30am EST- US CPI
- 9:00am EST– US TIC data
For a complete list of news events check out our News Section