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The trend was UP the entire day.
Today I only looked for long trades.
News events to watch for today :
- 4:30am EST- UK Public Borrowing
1:00am 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 from the previous candle. This cancelled out the signal and I did not enter.
6:00am 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 1.5559 with a stop at the most recent swing low at 1.5531. Since I was 41 pips away from the nearest 50 or 00 level I put my initial target at 1.5600.
Entry: Long at 1.5559 Stop: 1.5531 Target: 1.5600
11:15am EST- My target was hit. Price closed right at 1.5600 and since it was already late in the day, I decided to go ahead and close out my trade. I exited right at 1.5600. (+41 pips)
Trade Result: +41 pips R-Multiple: 1.46
News events to watch for Wednesday:
- 4:30am EST– UK GDP; BBA Mortgage Approvals; Minutes of prior MPC meeting
- 9:00am EST– US Committee vote on ammendments to Dodd-Frank financial regulation law
- 10:00am EST– US Pending Home Sales; FHFA House Price Index
For a complete list of news events check out our Forex Economic Calendar.
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