Dude! So you've read just about everything you could possibly get your hands on about the Forex. Now you want to get your feet wet but aren't sure where to start. Well then this blog is for you! Follow along as I take a simple system and apply it to an unsimple market. If you're new to the blog you should Cowabunga System Daily Double Update: 12/20/07 - 12/21/07
If this is your first time visiting this blog, read this first!
Thursday
Main Trend
Current Trend= The trend remained down the entire day.
Today I only looked for short trades.
Today's Surf
9:00am EDT- There was a moving average crossover for a short trade. RSI was less than 50, MACD was positive and losing value, but stochastics were still trending up. This cancelled out the signal and I did not enter.
Trade Result: +0 pips; R-Multiple: N/A
Friday
Main Trend
Current Trend= The trend remained down the entire day.
Today I only looked for short trades.
Today's Surf
1:15am EDT- There was a moving average crossover for a short trade. RSI was less than 50, stochastics were trending down, but MACD was already negative. This cancelled out the signal and I did not enter.
3:15am EDT- There was a moving average crossover for a short trade. RSI was less than 50, stochastics were trending down, but MACD was already negative. This cancelled out the signal and I did not enter.
9:15am EDT- 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 at 1.9856 with a stop at the most recent swing high at 1.9890. Since I was only 6 pips away from the nearest 50 or 00 level (1.9850), I decided to go for the same amount of pips I was risking on the trade, which in this case was 34. This put my initial target at 1.9822.
Entry: Short at 1.9856
Stop: 1.9890
Initial Target: 1.9822
12:15am EDT- My target was hit. Price did not make a clean break of my target so I went ahead and took my final profit.
Trade Result: +34 pips; R-Multiple: 1.00
On a side note, I wanted to let everyone know that I will be taking a break from trading this coming week to spend time with family and friends for the holidays. I encourage you all to take some time to relax and just enjoy this time of the year. I will begin posting again January 2nd, 2008! Have a Merry Christmas and a Happy New Year dudes and dudettes!!
