The trend was UP the entire day.
Today I only looked for long trades.
News events to watch for today:
- 5:30am EST- UK Manufacturing PMI
- 8:15am EST– US ADP National Employment Report
- 10:00am EST– US ISM Manufacturing
1:45am 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 1.3274 with a stop at the most recent swing low at 1.3265. Since I was 26 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.3300.
Entry: Long at 1.3274 Stop: 1.3265 Target: 1.3300
3:45am EST– My target was hit. Price made a clean break so I moved my stop to 1.3300 and set my next target for 1.3350.
4:15am EST– Unfortunately I got stopped out at my original target at 1.3300. (+26 pips)
Trade Result: +26 pips R-Multiple: 2.88