The trend was UP the entire day.
Today I only looked for long trades.
News events to watch for today :
4:00am 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 1.5098 with a stop at the most recent swing low at 1.5083. Since I was only 2 pips away from the nearest 50 or 00 level (1.5100), I decided to go for the same amount of pips I was risking on the trade, which in this case was 15. This put my initial target at 1.5113.
Entry: Long at 1.1.5098; Stop: 1.5083; Target: 1.5113
4:30am EST- Unfortunately I was stopped out of my trade. (-15 pips)
5:45am 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 signal. I entered at the close of the candle at 1.5123 with a stop at the most recent swing low at 1.5071. Since I was 27 pips away from the nearest 50 or 00 level I decided to put my initial target at 1.5150.
Entry: Long at 1.5123; Stop: 1.5071; Target: 1.5150
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 got out at 1.5142. ( +19 pips)
11:45am EST- There was a signal here but because it was right before 12 noon EST I did not want to enter.
Trade Result: -15 +19= +4 pips R-Multiple: -1.00; 0.37
News events to watch for Wednesday:
- 5:30am EST– UK Claimant Count Rate; Claimant Count Change; ILO Unemployment Rate; Average Earnings; BOE Minutes
- 8:30am EST– UK Chancellor Osborne Presesnts 2013 Budget to Parliament