The trend was UP the entire day.
Today I only looked for long trades.
News events to watch for today:
- 9:00am EST– US FHFA House Price Index
12:45, 2:15, 3:15am EST– There was a moving average crossover for a long trade. RSI was greater than 50, stochastics were trending up but MACD was already positive from the previous candle. This cancelled out the signal and I did not enter.
6:15am 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 1.4638 with a stop at the most recent swing low at 1.4612. Since I was 12 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.4650.
Entry: Long at 1.4638 Stop: 1.4612 Target: 1.4650
6:30am EST– My target was hit. Price made a clean break so I moved my stop to 1.4650 and set my next target for 1.4700.
6:45am EST– Unfortunately I got stopped out at my initial target at 1.4650. (+12 pips)
Trade Result: +12 pips R-Multiple: 0.46