Current Trend= The trend remained down until 7am EDT. From 3am – 7am EDT, a new trend change candle formed and changed the trend from down to UP. After 7am EDT, the trend remained up the rest of the day.
Today I looked for short trades until 7am EDT. After 7am EDT, I only looked for long trades.
8:30am EDT- There was a valid signal here but because it occurred on a news candle I did not enter.
11:30am EDT- 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 2.0466 with a stop at the most recent swing low at 2.0444. Since I was 34 pips away from the nearest 50 or 00 level, I decided to put my initial target at 2.0500.
Entry: Long at 2.0466
Initial Target: 2.0500
12:00pm EDT- My target was hit. Price did not make a clean break so I took my final profit. I managed to get out at 2.0495.
Trade Result: +29 pips; R-Multiple: 1.32