The trend was UP the entire day.
Today I only looked for long trades.
News events to watch for today :
3:15am 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 1.5608 with a stop at the most recent swing low at 1.5562. Since I was 42 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.5650.
Entry: Long at 1.5608 Stop: 1.5650 Target: 1.5562
4:15am EST– My target wasn’t hit by this time. Since news was coming out at 4:30am EST, I went ahead and manually exited my trade. I got out at 1.5617. (+9 pips)
Trade Result: +9 pips R-Multiple: 0.19
News events to watch for Wednesday:
- 5:30am EST– UK BOE Releases Inflation Report