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Main Trend
Current Trend= The trend remained up until 8am ET. From 4am – 8am ET, a new trend change candle formed and changed the trend from up to DOWN. The trend remained down the rest of the day.
Today I looked for long trades until 8am ET. After 8am ET I only looked for short trades.
Today’s Surf
1:45 am ET– There was a moving average crossover for a long trade. RSI was greater than 50, stochastics were trending up and MACD went from negative to positive. This was a valid entry. The entry was at the close of the candle which was at 9745 with a stop at the most recent swing low which was at 9725. Since I was only 5 pips away from the nearest 50 level I decided to go for the same amount of pips I was risking which in this case was 20. This put my target at 9765..
3:00 am ET– Unfortunately I was stopped out of my trade.
8:00 am ET– A new trend change candle has finished forming and changes the trend from up to DOWN. From this point on I am only looking for short trades.
8:45 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 which was at 9682 with a stop at the most recent swing high which was at 9708. Since I was 32 pips away from the nearest 50 level I decided to put my target at 9650.
10:15 am ET– Unfortunately I was stopped out of my trade again.
Trade Result: -20 -26= -46 pips; R-multiple= -1.00; -1.00