For those of you looking for a post yesterday, I did not trade since it was a bank holiday over in England.
Current Trend= The trend was up until 4am ET. From 12am ET – 4am ET, a new trend change candle formed and changed the trend from up to DOWN. After 4am ET, the trend remained down the rest of the day.
Today I looked for long trades until 4am ET. After 4am ET, I only looked for short trades.
4:15 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 at 2.0051 with a stop at the most recent swing high at 2.0070. Since I was only 1 pip away from the nearest 50 level (2.0050) I decided to go for the same amount of pips I was risking on the trade, which in this case was 19 pips. This put my target at 2.0032.
Entry: Short at 2.0051
6:00 am ET– Unfortunately I was stopped out of my trade.
9:15 am ET- There was a moving average crossover for a short trade. RSI was less than 50, stochastics were trending down and MACD went from positive to negative. This was a valid entry. The entry was at the close of the candle at 2.0092 with a stop at the most recent swing high at 2.0141. Since I was 42 pips away from the nearest 50 level I decided to put my target at 2.0050.
Entry: Short at 2.0092
11:45 am ET– My target was hit at 2.0050!
Trade Result: -19 +42= +23 pips; R-multiple: -1.00, 0.86