Current Trend= The trend remained down the entire day.
Today I only looked for short trades.
1:30 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 which was at 9812 with a stop at the most recent swing high which was at 9830. Since I was only 12 pips away from the nearest 00 level, I decided to set my target for the same amount of pips I was risking on the trade, which in this case was 18. This put my target at 9794.
2:30 am ET– My target was hit and the price made a clean break. I trailed my stop to 9794 (my initial target) and set my next target for 9750.
6:00 am ET– My target at 9750 was hit. Price didn’t make a clean break so I took my final profit at 9750.
Trade Result: +62 pips ; R-Multiple= 3.44