The trend was UP the entire day.
Today I only looked for long trades.
News events to watch for today :
1:15am 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 1.6141 with a stop at the most recent swing low at 1.6136. Since I was only 9 pips away, and because the risk was only 5 pips, you could’ve let this trade go by since it didn’t seem worth it try and scalp a small profit at 1.6150. I went ahead and took it just to use it as an example.
Entry: Long at 1.6141 Stop: 1.6136 Target: 1.6150
1:45am EST– Unfortunately I got stopped out. (-5 pips)
3:00am 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 a valid entry.
The entry was at the close of the candle at 1.6147 with a stop at the most recent swing low at 1.6128. Since I was only 3 pips away from the nearest 50 or 00 level (1.6150), I decided to go for the same amount of pips I was risking on the trade, which in this case was 19. This put my initial target at 1.6166.
Entry: Long at 1.6147 Stop: 1.6128 Target: 1.6166
3:30am EST– My target was hit. Price did not make a clean break so I took my final profit. I exited at 1.6165. (+18 pips)
Trade Result: -5 +18= +13 pips R-Multiple: -1.00; 0.94
News events to watch for Thursday:
- 4:30am EST–UK BBA Mortgage Approvals
- 6:00am EST– UK CBI Distributive Trades
- 8:30am EST– US Initial Claims
- 10:00am EST– US Pending Home Sales