The trend was UP the entire day.
Today I only looked for long trades.
News events to watch for today :
2:00am 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.
The entry was at the close of the candle at 1.4705 with a stop at the most recent swing low at 1.4658. Since I was 45 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.4750.
Entry: Long at 1.4705 Stop: 1.4658 Target: 1.4750
3:30am EST– My target was hit. Price made a clean break so I moved my stop to 1.4750 and set my next target for 1.4800.
3:45am EST– Unfortunately I was stopped out at my initial target at 1.4750. (+45 pips)
Trade Result: +45 pips R-Multiple: 0.95
News events to watch for Wednesday:
- 4:30am EST– UK CIPS Market Construction PMI
- 8:15am EST– US ADP Employment Survey
- 8:30am EST– US Trade Balance
- 10:00am EST– US ISM Non Manufacturing