The trend was UP the entire day.
Today I only looked for long trades.
News events to watch for today:
- 4:30am EST– UK Manufacturing PMI
8:15am 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 1.4068 with a stop at the most recent swing low at 1.4020. Since I was 32 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.4100.
Entry: Long at 1.4068 Stop: 1.4020 Target: 1.4100
11:45am EST– My target wasn’t hit by this time. Since it was about to be 12 noon EST, I decided to manually exit my trade. I got out at 1.4073. (+5 pips)
Trade Result: +5 pips R-Multiple: 0.10