The trend was UP the entire day.
Today I only looked for long trades.
News events to watch for today :
- 4:30am EST– UK Claimant Count Rate
- 5:30am EST– UK BOE Inflation Report
- 8:30am EST- US Retail Sales
- 10:00am EST– US Business Inventories
3:15am 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 1.5686 with a stop at the most recent swing low at 1.5661. Since I was 14 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.5700.
Entry: Long at 1.5686 Stop: 1.5661 Target: 1.5700
3:45am EST– My target was hit. Price didn’t make a clean break so I took my final profit. I got out at 1.5701. (+15 pips)
8:30am EST– Didn’t consider this possible signal because it was a news candle.
Trade Result: +15 pips R-Multiple: 0.6
News events to watch for Thursday:
- 8:30am EST– US PPI