The trend was UP the entire day.
Today I only looked for long trades.
News events to watch for today :
5:00am 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 valid entry.
The entry was at the close of the candle at 1.6134 with a stop at the most recent swing low at 1.6093. Since I was 16 pips away from the nearest 50 or 00 level I decided to put my target at 1.6150.
Entry: Long at 1.6134 Stop: 1.6093 Target: 1.6150
8:15am EST– My target wasn’t by this time. Since news was coming out at 8:30am EST I decided to manually exit my trade. I closed my trade out at 1.6119.
Trade Result: -15 pips R-Multiple: 0.36
News events to watch for Friday:
- 8:30am EST– US Empire Survey; CPI
- 9:15am EST– US Industrial Production; Capacity Utilization
- 9:55am EST– US Univ of Mich Sentiment