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The trend was UP the entire day.
Today I only looked for long trades.
News events to watch for today :
- 8:30am EST– US Building Permits; Housing Starts
5:00am 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 signal. I entered at the close of the candle at 1.5915 with a stop at the most recent swing low at 1.5897. Since I was 35 pips away from the nearest 50 or 00 level I decided to put my initial target at 1.5950.
Entry: Long at 1.5915; Stop: 1.5897; Target: 1.5950
8:15am EST– My target wasn’t hit by this time. Since news was coming out at 8:30am EST, I decided to manually exit my trade. I closed out at 1.5933. (+18 pips)
Trade Result: +18 pips R-Multiple: 1.00
News events to watch for Wednesday:
- 4:30am EST- UK BOE minutes; Public Borrowing
- 8:30am EST– US Initial Claims
- 10:00am EST– US Univ of Mich. Sentiment
For a complete list of news events check out our Forex Economic Calendar.
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