The trend was UP the entire day.
Today I only looked for long trades.
News events to watch for today:
- 8:30am EST– US Advance Goods Trade Balance
- 9:00am EST– US S&P Case-Shiller Home Price
- 10:00am EST– US Consumer Confidence
2:45am 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 1.2884 with a stop at the most recent swing low at 1.2860. Since I was 16 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.2900.
Entry: Long at 1.2884 Stop: 1.2860 Target: 1.2900
3:15am EST– My target was hit. Price didn’t make a clean break so I took my final profit. I got out at 1.2898. (+14 pips)
7:30am EST– I didn’t consider this possible signal because it was close to the 8:30am EST news event.
Trade Result: +14 pips R-Multiple: 0.87