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/Markit Services PMI
- 8:30am EST- US Initial Claims
- 10:00am EST- US ISM Non-Manufacturing
4:45am 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 1.6226 with a stop at the m
ost recent swing low at 1.6190. Since I was 24 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.6250.
Entry: Long at 1.6226 Stop: 1.6190 Target: 1.6250
8:00am EST – Unfortunately I was stopped out of my trade. (-36 pips)
Trade Result: -36 pips R-Multiple: -1.00
News events to watch for Friday:
For a complete list of news events check out our Forex Economic Calendar.
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