Main Trend
The trend was UP the entire day.
Today I only looked for long trades.
News events to watch for today :- 4:30am EST- UK BBA Mortgage approvals; Current Account
- 9:00am EST- US S&P Case-Shiller Home Price
- 10:00am EST- US FHFA House Price Index; Consumer Confidence
3:30am EST- There was a valid signal here but because it was right before a news event I did not enter.
5:30am 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 1.5990 with a stop at the most recent swing low at 1.5964. Since I was only 10 pips away from the nearest 50 or 00 level (1.6000), I decided to go for the same amount of pips I was risking on the trade, which in this case was 26 pips. This put my initial target at 1.6016.
Entry: Long at 1.5990 Stop: 1.5964 Target: 1.6016
6:30am EST- My target was hit. Price didn't make a clean break so I took my final profit. I exited at 1.6014. (+24 pips)
9:00am EST- There was a valid signal here but because it was a news candle I did not enter.
Trade Result: +24 pips R-Multiple: 0.92
News events to watch for Wednesday:- 8:30am EST- US Durable Goods
- 10:00am EST- US New Home Sales
For a complete list of news events check out our Forex Economic Calendar.
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