Current Trend= The trend remained down until 3am EDT. From 11pm EDT – 3am EDT, a new trend change candle formed and changed the trend from down to UP. After 3am EDT, the trend remained up the rest of the day.
Today I only looked for short trades until 3am EDT. After 3am EDT I only looked for long trades.
4:15am EDT– There was a moving average crossover for a long trade. RSI was greater than 50, MACD was negative and gaining value, but stochastics were still trending down. This cancelled out the signal and I did not enter.
6:15am 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 1.9635 with a stop at the most recent swing low at 1.9608. Since I was 15 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.9650.
Entry: Long at 1.9635
Initial Target: 1.9650
7:30am EDT– Unfortunately I was stopped out of my trade.
Trade Result: -27 pips; R-Multiple: -1.00