The trend was UP the entire day.
Today I only looked for long trades.
News events to watch for today:
- 4:30am EST– UK Claimant Count Rate
- 8:30am EST– US PPI
- 9:15am EST– US Industrial Production
- 10:00am EST– US Business Inventories
1:00am 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.
7:15am 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 1.2666 with a stop at the most recent swing low at 1.2634. Since I was 34 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.2700.
Entry: Long at 1.2666 Stop: 1.2634 Target: 1.2700
8:15am EST– My target wasn’t hit by this time. Since news was coming out at 8:30am EST, I tried to grab as many pips as possible and manually exited my trade. I got out at 1.2694. (+28 pips)
Trade Result: +28 pips R-Multiple: 0.87
News events to watch for Thursday:
- 4:30am EST– UK Retail Sales
- 7:00am EST– UK BOE MPC Rate
- 8:30am EST– US CPI
- 10:00am EST– US NAHB Builders Survey