Current Trend= The trend remained down until 11am EDT. From 7am – 11am EDT a new trend change candle formed and changed the trend from down to UP. After 11am EDT, the trend remained up the rest of the day.
Today I looked for short trades until 11am EDT. After 11am EDT I only looked for long trades.
3:15am EDT– 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 2.0575 with a stop at the most recent swing high at 2.0635. Since I was 15 pips away from the nearest 50 or 00 level, I decided to put my initial target at 2.0550.
Entry: Short at 2.0575
Initial Target: 2.0550
3:45am EDT– My target was hit at at 2.0550. Price made a clean break of my target so I moved my stop to 2.0550 and set my next target for 2.0500.
4:30am EDT– Unfortunately I was stopped out at 2.0550.
Trade Result: +25 pips; R-Multiple: 0.41
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