Current Trend= The trend remained up the entire day.
Today I only looked for long trades.
12:00am EDT– 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 1.9634 with a stop at the most recent swing low at 1.9604. Since I was 16 pips away from the nearest 50 or 00 level, I decided to set my initial target at 1.9650.
Entry: Long at 1.9634
Initial Target: 1.9650
3:15am EDT– I came real close to getting stopped out. My feed said I got down to 9605 (1 pip away from my loss).
3:30am EDT– My first target was hit. Price made a clean break so I moved my stop to 1.9650 and set my next target for 1.9700.
4:15am EDT– My 2nd target was hit. Price made a clean break so I moved my stop to 1.9700 and set my next target for 1.9750.
4:30am EDT– Unfortunately I was stopped out at 1.9700.
7:45am EDT– There was a valid signal here but I chose not to take it because it was US Housing Starts and Building Permits were about to be released at 8:30am EDT.
Trade Result: +66 pips; R-Multiple: 2.20
News events to watch for Monday :
- 4:30am EDT- UK Retail Sales
- 10:00am EDT– US Consumer Sentiment