The trend was UP the entire day.
Today I only looked for long trades.
News events to watch for today:
- 10:00am EST– US FHFA Price Index
3:15am 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 1.3100 with a stop at the most recent swing low at 1.3070. Since I was 50 pips away from the nearest 50 or 00 level, I put my initial target at 1.3150.
Entry: Long at 1.3100 Stop: 1.3070 Target: 1.3150
9:45am EST– My target was hit. Price made a clean break, but news was coming out at 10:00am EST. Because of this, I decided to take my profit and exit my trade. I got out at 1.3155. (+55 pips)
Trade Result: +55 pips R-Multiple: 1.83
News events to watch for Wednesday:
- 10:00am EST– US New Home Sales