The trend was UP the entire day.
Today I only looked for long trades.
News events to watch for today:
- 8:30am EST– US Unemployment Cost
- 9:00am EST– US S&P Case Shiller Home Price
- 9:45am EST– US Chicago PMI
- 10:00am EST– US Consumer Confidence
1:00am 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 1.3205 with a stop at the most recent swing low at 1.3194. Since I was 45 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.3250.
Entry: Long at 1.3205 Stop: 1.3194 Target: 1.3250
8:15am EST– My target wasn’t hit by this time. Since news was coming out at 8:30am EST, I decided to manually exit my trade. I got out at 1.3220. (+15 pips)
8:45am EST– Didnt’ consider this possible signal because it was close to a news event.
Trade Result: +15 pips R-Multiple: 1.36
News events to watch for Wednesday:
- 5:30am EST- UK Manufacturing PMI
- 8:15am EST– US ADP National Employment Report
- 10:00am EST– US ISM Manufacturing