Current Trend= The trend remained down until 12pm ET. A new trend change candle formed from 8am – 12 pm ET and changed the trend from down to UP. After 12pm ET the trend remained up.
Today I only looked for short trades until 12pm ET. After 12pm ET I only looked for long trades.
3:15 am ET – There was a moving average crossover for a short trade. RSI was less than 50, stochastics were trending down, and MACD was positive and losing value. This was a valid entry. The entry was at the close of the candle which was at 9595 with a stop at the most recent swing high which was 9640. Since I was 45 pips away from the nearest 50 level I decided to set my target at 9550.
9:15 am ET – Ouch! We hit a major wipeout and are stopped out of the trade.
Trade Result: -45 pips ; R-Multiple= -1.00