The trend was UP the entire day.
Today I only looked for long trades.
News events to watch for today:
- 4:30am EST– UK Claimant Count Change
- 9:00am EST– US FHFA House Price Index
- 10:00am EST– US Existing Home Sales
- Today’s Surf
2:15am 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 1.4035 with a stop at the most recent swing low at 1.4018. Since I was 15 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.4050.
Entry: Long at 1.4035 Stop: 1.4018 Target: 1.4050
3:30am EST– My target was hit. Price made a clean break so I moved my stop to 1.4050 and set my next target for 1.4100.
4:15am EST– My 2nd target wasn’t hit by this time. Since news was coming out at 4:30am EST, I decided to take my profits and manually exit my trade. I got out at 1.4095. (+60 pips)
Trade Result: +60 pips R-Multiple: 3.52
News events to watch for Thursday:
- 6:00am EST– UK CBI Distributive Trades
- 8:30am EST– US Unemployment Claims
- 10:00am EST– US New Home Sales