The trend was UP the entire day.
Today I only looked for long trades.
News events to watch for today :
- 4:30am EST– UK Trade Balance; Manufacturing Production; Industrial Production
- 10:00am EST– UK NIESR GDP Est.
4:00am EST– There was a valid signal here but because it was right before the 4:30am EST news event, I did not enter.
8:00am 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 1.5310 with a stop at the most recent swing low at 1.5287. Since I was 40 pips away from the nearest 50 or 00 level I decided to put my initial target at 1.5350.
Entry: Long at 1.5310; Stop: 1.5287; Target: 1.5350
9:45am EST- My target wasn’t hit by this time. Since news was coming out at 10:00am EST, I decided to manually exit my trade. I got out at 1.5308. (-2 pips)
Trade Result: -2 pips R-Multiple: -0.08
News events to watch for Wednesday: