The trend was UP until the entire day today.
Today I only looked for long trades.
News events to watch for today:
- 4:30am EST- UK CIPS Market Manufacturing PMI
- 8:15am EST– US ADP National Employment Report
- 9:15am EST– UK BOE’s Fried Speaks
- 10:00am EST– US ISM Manufacturing
1:30am 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 1.3042 with a stop at the most recent swing low at 1.3038. Since I was only 8 pips away from the nearest 50 or 00 level (1.3050), and I was only risking 4 pips on the trade, I decided to place my initial target at 1.3100. This gives me a low risk with a high probability of a nice reward.
Entry: Long at 1.3042 Stop: 1.3038 Target: 1.3100
2:15am EST– Unfortunately I was stopped out of my trade. (-4 pips)
3:15am EST– Didn’t consider this possible signal because it was close to the 4:30am EST news event.
9:15am EST– Didn’t consider this possible signal because it was during a news event.
Trade Result: -4 Pips R-Multiple: -1.00