The trend was UP the entire day.
Today I only looked for long trades.
News events to watch for today:
- 8:30am EST– US Housing Starts
2:30am 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 1.2633 with a stop at the most recent swing low at 1.2614. Since I was 17 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.2650.
Entry: Long at 1.2633 Stop: 1.2614 Target: 1.2650
3:00am EST– My target was hit. Price made a clean break so I moved my stop to 1.2650 and set my next target for 1.2700.
3:30am EST– Unfortunately I was stopped out at my original target at 1.2650. (+17 pips)
Trade Result: +17 pips R-Multiple: 0.89