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 was negative and gaining value. This was a valid entry.
The entry was at the close of the candle at 1.6998 with a stop at the most recent swing low at 1.6984. Since I was only 2 pips away from the nearest 50 or 00 level (1.7000), I decided to go for the same amount of pips I was risking on the trade, which in this case was 14 pips. This put my target at 1.7012.
Entry: Long at 1.6998 Stop: 1.6984 Target: 1.7012
2:15am EST– My target was hit. Price did not make a clean break so I took my final profit. I exited at 1.7010. (+12 pips)
Trade Result: +12 pips R-Multiple: 0.85
News events to watch for Friday:
- 4:30am EST– UK Public Borrowing