The trend was UP the entire day.
Today I only looked for long trades.
News events to watch for today:
3:45am EST– Didn’t consider this possible signal because it was before the 4:30am EST news.
6:00am EST– There was a moving average crossover for a long trade. RSI was greater than 50, stochastics were trending up but MACD was already positive from the previous candle. This cancelled out the signal and I did not enter.
10:30am 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 1.3050 with a stop at the most recent swing low at 1.3031. Since I was 50 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.3100.
Entry: Long at 1.3050 Stop: 1.3031 Target: 1.3100
11:45am EST– My target wasn’t hit by this time. Since it was about to be 12 noon EST, I decided to manually exit my trade. I got out at 1.3055. (+5 pips)
Trade Result: +5 pips R-Multiple: 0.26
News events to watch for Thursday:
- 8:30am EST– US Durable Goods