The trend was UP the entire day.
Today I only looked for long trades.
News events to watch for today :
2:45am 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 1.5254 with a stop at the most recent swing low at 1.5234. Since I was 46 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.5300.
Entry: Long at 1.5254 Stop: 1.5234 Target: 1.5300
5:45am EST– My target was hit. Price did not make a clean break so I took my final profit. I got out at 1.5297. (+43 pips)
Trade Result: +43 pips R-Multiple: 2.15
News events to watch for Thursday:
- 5:30am EST– UK BOE Quarterly Inflation Report
- 8:30am EST– US Retail Sales
- 10:00am EST– US Business Inventories