Current Trend= The trend was down until 12pm ET. From 8am ET – 12pm ET, a new trend change candle formed and changed the trend from down to UP. After 12pm ET, the trend remained up the rest of the day.
Today I looked for short trades until 12pm ET. After 12pm ET, I only looked for long trades.
1:45 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 1.9998 with a stop at the most recent swing high at 2.0035. Since I was 48 pips away from the nearest 50 level I decided to set my target at 1.9950.
Entry: Short at 1.9998
3:30 am ET– Unfortunately I was stopped out of my trade.
Trade Result: -37 pips; R-multiple: -1.00