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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 CIPS Construction PMI
- 10:00am EST– US Senate Banking Committee holds hearing on financial stability
2:30am 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 1.5444 with a stop at the most recent swing low at 1.5411. Since I was only 6 pips away from the nearest 50 or 00 level (1.5450), I decided to go for the same amount of pips I was risking on the trade, which in this case was 33. This put my initial target at 1.5477.
Entry: Long at 1.5444 Stop: 1.5411 Target: 1.5477
3:45am EST– My target was hit. Price closed right at 1.5477 and since news was coming out shortly, I just decided to take my profit. I exited at 1.5477 (+33 pips)
Trade Result: +33 pips R-Multiple: 1.00
News events to watch for Thursday:
- 4:30am EST– UK CIPS Services PMI
- 7:00am EST– UK BOE Base Rate; Monetary Policy Announcement
- 8:30am EST– US Initial Claims
For a complete list of news events check out our Forex Economic Calendar.
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