The trend was UP the entire day.
Today I only looked for long trades.
News events to watch for today:
3:45am 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.
8:45am 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 1.2298 with a stop at the most recent swing low at 1.2276. Since I was only 2 pips away from the nearest 50 or 00 level (1.2300), I decided to go for the same amount of pips I was risking on the trade, which in this case was 22 pips. This put my initial target at 1.2320.
Entry: Long at 1.2298 Stop: 1.2276 Target: 1.2320
10:15am EST– My target was hit. Price didn’t make a clean break so I took my final profit. I got out at 1.2318. (+20 pips)
Trade Result: +20 pips R-Multiple: 0.90