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 for the rest of the day.
9:30 am ET– This was a moving average crossover for a long trade. RSI was greater than 50, stochastics was trending up, and MACD was negative and gaining value. This was a valid entry. The entry was at the close of the candle at 9882 with a stop at the most recent swing low at 9858. Since I was 18 pips away from the nearest 00 level I decided to put my target at 9900.
Entry: Long at 9882
Initial Target: 9900
10:15 am ET– My target is hit and the candle makes a clean break. The candle ended up closing around 9905 and I took my final profit since it wasn’t a HUGE break.
Trade Result: +23 pips; R-multiple: .95