The trend was UP the entire day.
Today I only looked for long trades.
News events to watch for today :
3:45am 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 1.6207 with a stop at the most recent swing low at 1.6154. I was 43 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.6250.
Entry: Long at 1.6207 Stop: 1.6154 Target: 1.6207
6:45am EST– My target wasn’t hit by this time. Since news was coming out at 7:00am EST, I decided to manually exit my trade. I got out at 1.6215. (+8 pips)
Trade Result: +8 pips R-Multiple: 0.15
News events to watch for Friday:
- 4:30am EST– UK Trade Balance