The trend was UP the entire day.
Today I only looked for long trades.
News events to watch for today:
- 6:00am EST– UK CBI Distributive Trades
- 10:00am EST– US Existing Home Sales
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 1.3392 with a stop at the most recent swing low at 1.3376. Since I was only 8 pips away from the nearest 00 or 50 level (1.3400), I decided to go for the same amount of pips I was risking on the trade, which in this case was 16. This put my initial target at 1.3408.
Entry: Long at 1.3392 Stop: 1.3376 Target: 1.3408
5:00am EST– My target was hit. Price did not make a clean break so I took my final profit. I exited at 1.3405. (+13 pips)
7:45am 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 1.3406 with a stop at the most recent swing low at 1.3384. Since I was 44 pips away from the nearest 50 or 00 level, I put my initial target at 1.3450.
Entry: Long at 1.3406 Stop: 1.3384 Target: 1.3450
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 1.3410. (+4 pips)
Trade Result: +13 +4= +17 pips R-Multiple: 0.81; 0.18
News events to watch for Thursday:
- 4:30am EST– UK Public Sector Borrowing
- 8:30am EST– US Philly Fed Survey
- 9:00am EST– US FHFA House Price Index