The trend was UP the entire day.
Today I only looked for long trades.
News events to watch for today :
2:00am EST– There was a moving average crossover for a long trade. RSI was greater than 50, stochastics were trending up but MACD was already positive from the previous candle. This cancelled out the signal and I did not enter.
8:45am 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 1.5456 with a stop at the most recent swing low at 1.5433. Since I was 44 pips away from the nearest 50 or 00 level I put my initial target at 1.5500.
Entry: Long at 1.5456 Stop: 1.5433 Target: 1.5500
10:45am EST– My target was hit. Price made a clean break so I moved my stop to 1.5500 and set my next target for 1.5550.
11:45am EST- This candle went crazy and not only blasted past my target at 1.5550, but it also shot above what would’ve been my next target at 1.5600. Since it was getting close to 12 noon EST, and the fact that I already was in a big profit, I intended to exit this trade and capture as many pips as possible. I ended up getting out at 1.5610. (+154 pips)
Trade Result: +154 pips R-Multiple: 6.69
News events to watch for Friday:
- 4:30am EST– UK Trade Balance
- 8:30am EST– US Private Payrolls; Unemployment; NFP