The trend was UP the entire day.
Today I only looked for long trades.
News events to watch for today:
- 4:30am EST– UK CIPS Market Manufacturing PMI
- 8:30am EST– US Initial Claims
- 10:00am EST– US ISM Manufacturing
5:00am 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 1.2545 with a stop at the most recent swing low at 1.2504. Since I was only 5 pips away from the nearest 50 or 00 level (1.2550), I decided to go for the same amount of pips I was risking on the trade, which in this case was 41 pips. This put my initial target at 1.2586.
Entry: Long at 1.2545 Stop: 1.2504 Target: 1.2586
5:30am EST– My target was hit. Price didn’t make a clean break so I took my final profit. I got out right at 1.2581. (+36 pips)
Trade Result: +36 pips R-Multiple: 0.87