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Current Trend= The trend remained up the entire day.
Today I only looked for long trades.
News events to watch for today :
- 4:30am EST- UK MPC Meeting Minutes
- 2:00pm EST– FOMC Meeting Minutes
4:30am EST– There was a signal here but because it was a news candle, I did not enter.
11:15am 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 1.9646 with a stop at the most recent swing low at 1.9610. Since I was only 4 pips away from the nearest 50 or 00 level (1.9646), I decided to go for the same amount of pips I was risking on the trade, which in this case was 36. This put my target at 1.9682.
Entry: Long at 1.9646
Initial Target: 1.9682
1:45pm EST– My target is hit. I know news is coming out at 2pm EST, and there wasn’t a clean break, so I took my final profit. I exited at 1.9683.
Trade Result: +37 pips : R-Multiple: 1.02
News events to watch for Monday :
- 4:30am EST– UK Retail Sales
- 8:30am EST– US Unemployment Rate
For a complete list of news events check out our News Section