The trend was UP the entire day.
Today I only looked for long trades.
News events to watch for today :
6:00am 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 1.5247 with a stop at the most recent swing low at 1.5152. Since I was only 3 pips away from the nearest 50 or 00 level (1.5250), I decided to go for the same amount of pips I was risking on the trade, which in this case was 95. This put my initial target at 1.5342.
Entry: Long at 1.5247 Stop: 1.5152 Target: 1.5342
8:15am EST– My target wasn’t hit by this time. Since news was coming out 8:30am EST, I decided to manually exit my trade. I got out at 1.5261. (+14 pips)
Trade Result: +14 pips R-Multiple: 0.14
News events to watch for Friday:
- 8:30am EST– US CPI
- 9:15am EST- US Capacity Utilization; Industrial Production
- 10:00am EST– US Univ of Mich. Sentiment