The trend was UP the entire day.
Today I only looked for long trades.
News events to watch for today:
- 8:30am EST– US Core PCE Price Index
- 9:00am EST– US S&P Case-Shiller Home Price
- 9:45am EST– US Chicago PMI
- 10:00am EST– US Consumer Confidence
12:30am 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 1.3129 with a stop at the most recent swing low at 1.3112. Since I was 21 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.3150.
Entry: Long at 1.3129 Stop: 1.3112 Target: 1.3150
4:15am EST– My target was hit. Price made a clean break so I moved my stop to 1.3150 and set my next target at 1.3200.
4:30am EST– Unfortunately I was stopped out at my original target at 1.3150. (+21 pips)
Trade Result: +21 pips R-Multiple: 1.75