The trend was UP the entire day.
Today I only looked for long trades.
News events to watch for today:
- 4:30am EST– UK Retail Sales
- 7:00am EST– UK BOE Bank Rate
- 8:30am EST– US Retail Sales
- 10:00am EST– US Business Inventories
3:00am 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 1.3431 with a stop at the most recent swing low at 1.3415. Since I was 19 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.3450.
Entry: Long at 1.3431 Stop: 1.3415 Target: 1.3450
4:15am EST– My target was hit. Since news was coming out at 4:30am EST, I went ahead and took my final profit. I got out at 1.3452. (+21 pips)
5:45am EST– There was a moving average crossover for a long trade. RSI was greater than 50, MACD was negative and gaining value, but stochastics were still trending down. This cancelled out the signal and I did not enter.
11:00am EST– Didn’t consider this possible signal because it was close to 12 noon EST.
Trade Result: +21 pips R-Multiple: 1.31
News events to watch for Friday:
- 8:15am EST– UK BOE Haldane Speaks
- 8:30am EST– US Empire State Survey
- 9:15am EST– US Industrial Production