The trend was UP the entire day.
Today I only looked for long trades.
News events to watch for today:
- 8:30am EST– US Wholesale Inventories
- 9:00am EST– US S&P Case-Shiller Home Price
- 10:00am EST– US Consumer Confidence
3:00am 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 1.2576 with a stop at the most recent swing low at 1.2537. Since I was 24 pips away from the nearest 50 or 00 level I decided to put my initial target at 1.2600.
Entry: Long at 1.2576 Stop: 1.2537 Target: 1.2600
8:15am EST– My target wasn’t hit by that time. Since news was coming out at 8:30am EST I decided to manually exit my trade. I got out at 1.2560. (-16 pips)
Trade Result: -16 pips R-Multiple: -0.41