The trend was UP the entire day.
Today I only looked for long trades.
News events to watch for today:
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 1.2845 with a stop at the most recent swing low at 1.2807. Since I was only 5 pips from the nearest 50 or 00 level, I decided to go for the same amount of pips I was risking on the trade, which in this case was 38. This put my initial target at 1.2883.
Entry: Long at 1.2845 Stop: 1.2807 Target: 1.2883
10:15am EST– Unfortunately I was stopped out of my trade. (-38 pips)
Trade Result: -38 pips R-Multiple: -1.00
News events to watch for Thursday:
- 8:30am EST– US Philly Fed Survey