The trend was UP the entire day.
Today I only looked for long trades.
News events to watch for today :
- 6:00am EST– UK CBI Distributive Trades
- 8:30am EST– US Durable Goods
- 9:00am EST– US S&P Case-Shiller Home Price
- 10:00am EST– US Consumer Confidence
8:00am EST– There was a valid signal here but because it was right before the 8:30am EST news event I did not enter.
11:00am 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 1.5857 with a stop at the most recent swing low at 1.5798. Since I was 43 pips away from the nearest 50 or 00 level I put my initial target at 1.5900.
Entry: Long at 1.5857 Stop: 1.5798 Target: 1.5900
11:15am EST- My target was hit. Price closed right at my target of 1.5900. Since it was already late in the day I decided to go ahead and exit my trade. I closed out at 1.5900.
Trade Result: +43 pips R-Multiple: 0.72
News events to watch for Wednesday:
- 4:30am EST– UK BOE Mortgage Approvals; Net Consumer Credit
- 8:30am EST- US GDP; Core PCE Price Index
- 9:45am EST– US Chicago PMI
- 10:00am EST– Ben Bernanke Speaks