The trend was UP the entire day.
Today I only looked for long trades.
News events to watch for today :
- 4:30am EST– UK CPI
3:30am 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 1.6819 with a stop at the most recent swing low at 1.6801. Since I was 31 pips away from the nearest 50 or 00 level, I decided to put my target at 1.6850.
Entry: Long at 1.6819 Stop: 1.6801 Target: 1.6850
4:15am EST– My target was hit. Since news was coming out at 4:30am EST, I just wanted to lock in as much profit as possible. I exited at 1.6858. (+39 pips)
Trade Result: +39 pips R-Multiple: 2.16
News events to watch for Wednesday:
- 4:30am EST- UK Retail Sales