The trend was UP the entire day.
Today I only looked for long trades.
News events to watch for today:
- 8:30am EST– US Housing Starts
6:30am 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 1.2638 with a stop at the most recent swing low at 1.2514. Since I was 12 pips away from the nearest 50 or 00 level I decided to put my initial target at 1.2650.
Entry: Long at 1.2638 Stop: 1.2514 Target: 1.2650
7:00am EST– My target was hit. Price didn’t make a clean break so I took my final profit. I got out at 1.2651. (+13 pips)
Trade Result: +13 pips R-Multiple: 0.10
News events to watch for Wednesday: