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.
The entry was at the close of the candle at 1.4593 with a stop at the most recent swing low at 1.4552. Since I was 7 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.4600.
Entry: Long at 1.4593 Stop: 1.4552 Target: 1.4600
3:00am EST– My target was hit. Price made a clean break so I moved my stop to 1.4600 and set my next target for 1.4650.
3:30am EST– Unfortunately I got stopped out at my original target of 1.4600. (+7 pips)
Trade Result: +7 pips R-Multiple: -0.17
News events to watch for Thursday:
- 8:30am EST– US GDP