The trend was UP the entire day.
Today I only looked for long trades.
News events to watch for today :
- 4:30am EST– UK BOE MPC Minutes
- 8:30am EST– US Retail Sales; CPI
- 10:00am EST– US Business Inventories; Existing Home Sales
1:45am 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 1.6115 with a stop at the most recent swing low at 1.6102. Since I was 35 pips away from the nearest 50 or 00 level I decided to put my initial target at 1.6150.
Entry: Long at 1.6115 Stop: 1.6102 Target: 1.6150
4:15am EST – My target was hit. Price made a clean break but since news was coming out at 4:30am EST, I decided to just exit my trade. I got out right at 1.6150. (+35 pips)
8:00am EST– I didn’t even consider this possible signal because news was coming out at 8:30am EST.
Trade Result: +35 pips R-Multiple: 2.69