The trend was UP the entire day.
Today I only looked for long trades.
News events to watch for today :
2:30am 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 1.5775 with a stop at the most recent swing low at 1.5767. Since I was 25 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.5800.
Entry: Long at 1.5775 Stop: 1.5767 Target: 1.5800
5:30am EST– My target was hit. Price didn’t make a clean break so I took my final profit. I got out at 1.5798. (+23 pips)
Trade Result: +23 pips R-Multiple: 2.87
News events to watch for Wednesday:
- 4:30am EST– UK BBA Mortgage Approvals
- 6:00am EST– UK CBI Distributive Trades
- 8:30am EST– US Durable Goods