The trend was UP the entire day.
Today I only looked for long trades.
News events to watch for today :
- 4:30am EST– UK CIPS / Market Services PMI
- 8:15am EST– US ADP Employment Survey
- 8:30am EST– US Non Farm Productivity
- 10:00am EST– US ISM Non Manufacturing; Factory Orders
3:45am EST– There was a valid signal here but because it was close to the 4:30am EST news event I did not enter.
10:15am 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 entry.
The entry was at the close of the candle at 1.5368 with a stop at the most recent swing low at 1.5331. Since I was 32 pips away from the nearest 50 or 00 level I put my initial target at 1.5400.
Entry: Long at 1.5368 Stop: 1.5331 Target: 1.5400
11:00am EST– My target was hit. Price didn’t make a clean break so I took my final profit. I exited at 1.5398. (+30 pips)
Trade Result: +30 pips R-Multiple: 0.81