The trend was UP the entire day.
Today I only looked for long trades.
News events to watch for today :
5:45am EST– There was a moving average crossover for a long forex 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 1.3970 with a stop at the most recent swing low at 1.3913. Since I was 30 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.4000
Entry: Long at 1.3970 Stop: 1.3913 Target: 1.4000
6:45am EST– My target was hit. Price didn’t make a clean break so I took my final profit. I got out right at 1.4000 (+30 pips)
Trade Result: +30 pips R-Multiple: 0.52
News events to watch for Thursday:
- 4:30am EST– UK CIPS Market Services PMI
- 8:30am EST– US Initial Claims
- 10:00am EST– US ISM Non Manufacturing