The trend was UP the entire day.
Today I only looked for long trades.
News events to watch for today :
- 5:30am EST– UK BOE Quarterly Inflation Report
4:00am 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 1.6461 with a stop at the most recent swing low at 1.6425. Since I was 39 pips away from the nearest 50 or 00 level I decided to put my initial target at 1.6500.
Entry: Long at 1.6461 Stop: 1.6425 Target: 1.6500
5:15am EST– My target wasn’t hit by this time. Since news was coming out at 5:30am EST, I decided to manually exit my trade. I got out at 1.6493. (+32 pips)
Trade Result: +32 pips R-Multiple: 0.88