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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 BBA Mortgage Approvals
- 8:30am EST– US Durable Goods
6:00am 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 1.5625 with a stop at the most recent swing low at 1.5609. Since I was 25 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.5650.
Entry: Long at 1.5625 Stop: 1.5609 Target: 1.5650
8:00am EST– Unfortunately I was stopped out of my trade. (-16 pips)
Trade Result: -16 pips R-Multiple: -1.00
News events to watch for Thursday:
- 4:30am EST– UK Current Account; GDP
- 8:30am EST– US GDP; Core PCE Price Index; Initial Claims
For a complete list of news events check out our Forex Economic Calendar.
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