The trend was UP the entire day.
Today I only looked for long trades.
News events to watch for today:
- 5:30am EST– UK CPI
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 1.4037 with a stop at the most recent swing low at 1.4020. Since I was 13 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.4050.
Entry: Long at 1.4037 Stop: 1.4020 Target: 1.4050
3:30am EST– My target was hit. Price didn’t make a clean break so I took my final profit. I got out at 1.4049. (+12 pips)
Trade Result: +12 pips R-Multiple: 0.92
News events to watch for Wednesday:
- 5:30am EST– UK Unemployment Rate
- 7:00am EST– UK CBI Industrial Trends
- 8:30am EST– US Current Account
- 10:00am EST– US Existing Home Sales