The trend was UP the entire day.
Today I only looked for long trades.
News events to watch for today :
- 4:30am EST– UK Meeting Minutes; Claimant Count Change; Claimant Count Rate; ILO Unemployment Rate; Average Earnings
- 8:30am EST– US Building Permits; Housing Starts
- 10:00am EST– US Bernanke Speaks
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 1.5657 with a stop at the most recent swing low at 1.5631. Since I was 43 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.5700.
Entry: Long at 1.5657 Stop: 1.5631 Target: 1.5700
4:00am EST– Unfortunately I got stopped out of my trade. (- 26 pips)
9:15am EST- I didn’t even look at this possible entry because it was close to the 10:00am EST news event.
Trade Result: -26 pips R-Multiple: -1.00
News events to watch for Thursday:
- 4:30am EST– UK Retail Sales
- 8:00am EST– US Initial Claims
- 10:00am EST– US Philly Fed Survey; Existing Home Sales