The trend was UP the entire day.
Today I only looked for long trades..
News events to watch for today:
- 10:00am EST– US ISM Non Manufacturing
5:45am 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 1.3338 with a stop at the most recent swing low at 1.3321. Since I was 12 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.3350.
Entry: Long at 1.3338 Stop: 1.3321 Target: 1.3350
7:30am EST– My target was hit. Price made a clean break so I moved my stop to 1.3350 and set my next target for 1.3400.
8:00am EST– Unfortunately I was stopped out at my original target. (+12 pips)
Trade Result: +12 pips R-Multiple: 0.70