The trend was UP the entire day.
Today I only looked for long trades.
News events to watch for today:
2:00am 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 1.2765 with a stop at the most recent swing low at 1.2738. Since I was 35 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.2800.
Entry: Long at 1.2765 Stop: 1.2738 Target: 1.2800
4:15am EST– Unfortunately my target wasn’t hit by this time. Since news was coming out at 4:30am EST, I decided to manually exit my trade. I got out at 1.2753. (-12 pips)
8:30am EST– I didn’t even consider this possible signal because it was right on a news candle.
Trade Result: -12 pips R-Multiple: -0.44
News events to watch for Thursday:
- 4:30am EST– UK Retail Sales
- 7:00am EST– UK Bank Rate
- 8:30am EST– US Philly Fed Survey
- 9:15am EST– US Industrial Production