Current Trend= The trend remained up until 4am ET. From midnight to 4am ET, a new trend change candle formed and changed the trend from up to DOWN. After the trend change candle was formed the trend remained down the rest of the day.
Today I looked for long trades until 4am ET. After 4am ET, I only looked for short trades.
12:00 am ET– There was a moving average crossover for a long trade. RSI was greater than 50, stochastics were trending up but MACD was already positive which cancelled out the signal. No entry!
10:00 am ET– There was a moving average crossover for a short trade. RSI was greater than 50, stochastics were trending up and MACD was positive and losing value. Although this was a valid signal it formed during a news candle and one of the rules is to never enter when a signal is formed during a major news event. In this case that news event was the Existing Home Sales report.
Trade Result: +0 pips