Current Trend= The trend remained up the entire day.
Today I only looked for long trades
News events to watch for today :
- 4:30 am EDT- UK MPC Minutes
- 8:30 am EDT– US Building Permits, CPI
- 2:00 pm EDT– FOMC Minutes
Main Trend
Today’s Surf
12:30 am EDT– 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 canceled out the signal and I did not enter.
5:15 am 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 1.5009 with a stop at the most recent swing low at 1.4931. Since I was 41 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.5050.
Entry: Long at 1.5009
Stop: 1.4931
Initial Target: 1.5050
5:30 am EDT- My target was hit. Price did not make a clean break of my target so I took my final profit. I exited at 1.5045.
8:45 am EDT- 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 1.5052 with a stop at the most recent swing low at 1.5018. Since I was 48 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.5100.
Entry: Long at 1.5052
Stop: 1.5018
Initial Target: 1.5100
9:00 am EDT– My target was hit. Price made a clean break so I moved my stop to 1.5100 and set my next target for 1.5150.
9:15 am EDT– My 2nd target was hit. Price made a clean break so I moved my stop to 1.5150 and set my next target for 1.5200.
9:30 am EDT– My 3rd target was hit. Price again made a clean break so I moved my stop to 1.5200 and set my next target for 1.5250.
9:45 am EDT– Unfortunately, I was stopped out at 1.5250.
Trade Result: +36 +198= +234 pips (NOT INCLUDING SPREAD) R-Multiple: 0.46; 5.82
News events to watch for tomorrow :
- 4:30 am EDT- UK Retail Sales
- 8:30 am EDT– US Unemployment Claims
- 10:00 am EDT– US Philly Fed Index
