The trend was UP the entire day.
Today I only looked for long trades.
News events to watch for today :
- 7:00am EST– UK BOE MPC Base Rate
- 8:30am EST– US Initial Claims
- 10:00am EST– US Wholesale Inventories.
12:30, 1:00, 1:30am 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 the signal and I did not enter.
3:30am 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 1.5362 with a stop at the most recent swing low at 1.5338. Since I was 38 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.5400.
Entry: Long at 1.5362 Stop: 1.5338 Target: 1.5400
6:15am EST– My target was hit. Price didn’t make a clean break so I took my final profit. I got out at 1.5396. (+34 pips)
Trade Result: +34 pips R-Multiple: 1.41