Current Trend= Trend remained down the entire day.
Today I only looked for short trades
7:00 pm ET– There was a moving average crossover for a short trade. RSI<50, Stochastics were trending down, but MACD was negative. This was a false signal. No entry!
12:00 am ET– There was a moving average crossover for a short trade. RSI<50, Stochastics were trending down, and MACD was positive and losing value. This was a valid entry. Entry was at the close of the candle which was at 9582 with a stop at the most recent swing high which was at 9601. Since the entry was after midnight and because I was 32 pips away from the nearest 50 level, I decided to go for 9550 as my initial target.
2:15 am ET– My target was hit at 9550 and the price made a clean break of that level. Instead of closing my trade, I moved my stop to that level and set my next target for 9500.
2:45 am ET– My second target was hit at 9500 but the price didn’t make a clean break. I decided to take my final profit at that level.
Trade Result: +82 pips; R-Multiple= 4.31