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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 :
- 7:00am EDT– UK Official Bank Rate
- 8:30am EDT– US Unemployment Claims
4:00am 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 1.4445 with a stop at the most recent low at 1.4365. Since I was only 5 pips away from the nearest 50 or 00 level (1.4450), I decided to go for the same amount of pips I was risking on the trade, which in this case was 80. This put my initial target at 1.4525.
Entry: Long at 1.4445
1:30pm EDT- My target was hit. Price did not make a clean break so I took my final profit. I exited at 1.4520.
Trade Result: +75 pips (NOT INCLUDING SPREAD) R-Multiple: 0.93
News events to watch for tomorrow :
- 4:30am EDT– UK Manufacturing Production m/m; PPI Input m/m
- 8:30am EDT– US Non-Farm Employment Change; Unemployment Rate; Average Hourly Earnings m/m
For a complete list of news events check out our News Section