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 but MACD was already positive from the previous candle. This cancelled out my signal and I did not enter.
6:45am 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. This was a valid entry.
The entry was at the close of the candle at 1.3484 with a stop at the most recent swing low at 1.3429. Since I was 16 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.3500.
Entry: Long at 1.3484 Stop: 1.3429 Target: 1.3500
7:45am EST– Unfortunately I was stopped out of my trade. (-55 pips)
8:45am EST– Didn’t consider this possible signal because it was close to the 9:45am EST news event.
Trade Result: -55 pips R-Multiple: -1.00
News events to watch for Friday:
For a complete list of news events check out our Forex Economic Calendar.
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