The trend was UP the entire day.
Today I only looked for long trades.
News events to watch for today:
1:30am 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 1.3005 with a stop at the most recent swing low at 1.2981. Since I was 45 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.3050.
Entry: Long at 1.3005 Stop: 1.2981 Target: 1.3050
3:00am EST– Unfortunately I was stopped out of my trade. (-24 pips)
7:30, 9:15am EST– There was a moving average crossover for a long trade. RSI was greater than 50, stochastics were trending up but MACD was already positive from the previous candle. This cancelled out my signal and I did not enter.
Trade Result: -24 pips R-Multiple: -1.00
News events to watch for Thursday:
- 4:30am EST– UK Retail Sales
- 8:00am EST– UK BOE Tenreyro Speaks
- 8:30am EST– US Retail Sales
- 10:00am EST– US Business Inventories