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 CIPS Market Manufacturing PMI
- 8:15am EST– US ADP Employment Survey
- 10:00am EST– US ISM Manufacturing
2:45am 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 1.2572 with a stop at the most recent swing low at 1.2542. Since I was 28 pips away from the nearest 50 or 00 level I decided to put my initial target at 1.2600.
Entry: Long at 1.2572 Stop: 1.2542 Target: 1.2600
4:15am EST– My target was hit. Since news was coming out at 4:30am EST, I decided to lock in as many pips as possible and manually exited my trade. I got out at 1.2505. (+33 pips)
Trade Result: +33 pips R-Multiple: 1.10
News events to watch for Thursday:
- 4:30am EST- UK CIPS Market Construction PMI
- 7:00am EST– UK BOE MPC Base Rate
- 8:30am EST– US Initial Claims