The trend was UP the entire day.
Today I only looked for long trades.
News events to watch for today:
- 4:30am EST– UK BOE Mortgage Approvals
- 8:30am EST– US Core PCE Price Index
- 9:45am EST- US Chicago PMI
- 10:00am EST– US Pending Home Sales
5:45am 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 1.3338 with a stop at the most recent swing high at 1.3311. Since I was 12 pips away from the nearest 50 or 00 level, I put my initial target at 1.3350.
Entry: Long at 1.3338 Stop: 1.3311 Target: 1.3350
8:15am EST– Unfortunately my target wasn’t hit by this time. Since news was coming out at 8:30am EST, I decided to manually exit my trade. I got out at 1.3342. (+4 pips)
10:45am EST– Didn’t consider this possible signal because it was too close to 12 noon EST.
Trade Result: +4 pips R-Multiple: 0.14