The trend was UP the entire day.
Today I only looked for long trades.
News events to watch for today :
- 5:30am EST– UK Retail Sales; Public Borrowing
- 8:30am EST– US Initial Claims
- 9:00am EST– US FHFA House Price Index
- 10:00am EST– US Existing Home Sales; Philly Fed Index
3:00am 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 1.5124 with a stop at the most recent swing low at 1.5108. Since I was 26 pips away from the nearest 50 or 00 level I decided to put my initial target at 1.5150.
Entry: Long at 1.5124; Stop: 1.5108; Target: 1.5150
5:15am EST- My target was hit. Price made a clean break, but since news was coming out at 5:30am EST, I just wanted to grab as many pips as I could. I exited at 1.5154. (+30 pips)
11:30am EST- Didn’t want to enter here because it was close to 12 noon EST.
Trade Result: +30 pips R-Multiple: 1.87
News events to watch for Friday: