Current Trend= The trend remained up the entire day.
Today I only looked for long trades.
News events to watch for today :
- 5:30am EST– MPC Treasury Committee Hearings
- 8:30am EST- US Durable Goods
- 10:00am EST- US New Home Sales
3:00am 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 2.0050 with a stop at the most recent swing low at 2.0014. Since I was 50 pips away from the nearest 50 or 00 level, I decided to put my initial target at 2.0100.
Entry: Long at 2.0050
Initial Target: 2.0100
5:15am EST– My target was hit. Since I knew news was coming out, I went ahead and took my final profit at 2.0100.
10:30am EST– There was a moving average crossover for a long trade. RSI was greater than 50, stochastics were trending up, but MACD was already positive. This cancelled out the signal and I did not enter.
Trade Result: +50 pips; R-Multiple: 1.38
News events to watch for tomorrow :
- 8:30am EST- US Unemployment Claims, Final GDP Annualized
*Note- I will not be trading tomorrow and Friday because I will be out of town. Updates will resume back on Monday. Have a great week everyone!