The trend was UP the entire day.
Today I only looked for long trades.
News events to watch for today :
- 7:00am EST– UK BOE Base Rate
- 8:15am EST– US ADP Employment Survey
- 8:30am EST– US Initial Claims
- 10:00am EST– US ISM Non Manufacturing
2:45am 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.
4:30am 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 entry.
The entry was at the close of the candle at 1.5615 with a stop at the most recent swing low at 1.5591. Since I was 35 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.5650.
Entry: Long at 1.5615 Stop: 1.5591 Target: 1.5650
6:45am EST – My target wasn’t hit by this time. Since news was coming out at 7:00am EST I decided to manually exit my trade. I got out at 1.5625. (+10 pips)
Trade Result: +10 pips R-Multiple: 0.62
News events to watch for Friday:
- 4:30am EST– UK Trade Balance; Manufacturing Production; Industrial Production
- 8:30am EST- US Unemployment; NFP; Private Payrolls
- 10:00am EST– UK NIESR GDP Est.