Current Trend= The trend remained down until 8am ET. From 4am – 8am ET, a new trend change candle formed and changed the trend from down to UP. After 8am ET, the trend remained up the rest of the day.
From midnight to 8am ET, I only looked for short trades. After 8am ET, I only looked for long trades.
11:00 am ET– 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 which was at 2.0335 with a stop at the most recent swing low at 2.0284. Since I was 15 pips away from the nearest 50 level I set my target for 2.0350.
11:45 am ET– My target was hit at 2.0350 and the price made a clean break of that level. I trailed my stop to 2.0350 and tried to go for 2.0400 as my next target.
12:00 pm ET– Unfortunately I was stopped out at 2.0350.
Trade Result: +15 pips ; R-Multiple: 0.29