The trend was UP the entire day today.
Today I only looked for long trades.
News events to watch for today:
- 4:30am EST– UK GDP
- 6:00am EST– UK CBI Distributive Trades
- 8:30am EST– US Initial Claims
- 10:00am EST– US New Home Sales
3:15am 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 1.2659 with a stop at the most recent swing low at 1.2623. Since I was 41 pips away from the nearest 50 or 00 level I decided to put my initial target at 1.2700.
Entry: Long at 1.2659 Stop: 1.2623 Target: 1.2700
4:15am EST– Unfortunately my target wasn’t hit by this time. Since news was coming out at 4:30am EST, I decided to manually exit my trade. I got out at 1.2671. (+12 pips)
Trade Result: +12 pips R-Multiple: 0.33