The trend was UP the entire day today.
Today I only looked for long trades.
News events to watch for today:
4:00am EST– Didn’t consider this possible signal because it was close to the 4:30am EST news candle.
8:30am 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 1.2468 with a stop at the most recent swing low at 1.2417. Since I was 32 pips away from the nearest 50 or 00 level, I decided to place my initial target at 1.2500.
Entry: Long at 1.2468 Stop: 1.2417 Target: 1.2500
9:45am EST– Unfortunately my target wasn’t hit by this time. Since news was coming out at 10:00am EST, I decided to manually exit my trade. I got out at 1.2487. (+19 pips)
Trade Result: +19 pips R-Multiple: 0.37
News events to watch for Wednesday: