The trend was UP until the entire day today.
Today I only looked for long trades.
News events to watch for today:
- 10:00am EST– US Pending Home Sales
2:00am 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 1.3253 with a stop at the most recent swing low at 1.3232. Since I was 47 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.3300.
Entry: Long at 1.3253 Stop: 1.3232 Target: 1.3300
5:30am EST– My target was hit. Price did not make a clean break so I took my final profit and got out at 1.3295. (+42 pips)
Trade Result: +42 Pips R-Multiple: 2.00
News events to watch for Thursday:
- 8:00am EST– US Fed Clarida Speaks
- 8:30am EST– US Unemployment Claims
- 8:50am EST– US Fed Bostic Speaks
- 9:45am EST– US Chicago PMI