Current Trend= The trend remained down until 4am ET. From 12:00am – 4am ET, a new trend change candle formed and changed the trend from down to UP. After 4am ET, the trend remained up the rest of the day.
Today I looked for short trades until 4am ET. After 4am ET I only looked for long trades.
12:00am 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 2.0001 with a stop at the most recent swing high at 2.0022. Since I was only 1 pip away from the nearest 50 or 00 level (2.0000), I decided to go for the same amount of pips I was risking on the trade, which in this case was 21 pips. This put my target at 1.9980.
Entry: Short at 2.0001
Initial Target: 1.9980
1:30am ET– My target was hit. The price did not make a clean break of my target so I took my final profit.
Trade Result: +21 pips; R-Multiple: 1.00