The trend was UP the entire day today which means I only looked for long trades.
News Events to Watch Out For Today
- 9:00am EST– US FHFA House Price Index
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 1.2522 with a stop at the most recent swing low at 1.2490. Since I was 28 pips away from the nearest 50 or 00 level, I decided to place my initial target at 1.2550.
- Entry: Long at 1.2522
- Stop: 1.2490
- Target: 1.2550
My target was hit. Price made a clean break so I moved my stop to 1.2550 and set my next target for 1.2600.
My 2nd target was hit. This time price did not make a clean break so I took my final profit. I got out at 1.2602. (+80 pips)
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 1.2593 with a stop at the most recent swing low at 1.2548.
Since I was only 7 pips away from the nearest 50 or 00 level (1.2600), I decided to go for the same amount of pips I was risking on the trade, which in this case was 45.
This put my initial target at 1.2638.
- Entry: Long at 1.2593
- Stop: 1.2548
- Target: 1.2638
Unfortunately my target wasn’t hit by this time. Since 12 noon EST marks the end of our session, I decided to manually exit my trade. I got out at 1.2616. (+23 pips)