The trend was UP the entire day.
Today I only looked for long trades.
News events to watch for today:
- 4:30am EST– UK GBP Public Sector Net Borrowing
- 6:00am EST– UK CBI Industrial Trends Orders
- 10:00am EST– US Existing Home Sales
7:15am 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 1.3250 with a stop at the most recent swing low at 1.3208. Since I was 50 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.3300.
Entry: Long at 1.3250 Stop: 1.3208 Target: 1.3300
9:45am EST– My target wasn’t hit by this time. Since news was coming out at 10:00am EST, I decided to manually exit my trade. I got out at 1.3258. (+8 pips)
Trade Result: +8 pips R-Multiple: 0.19