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 Review: 09/06/07
If this is your first time visiting this blog, read this first!
Main Trend
Current Trend= The trend remained up the entire day.
Today I only looked for long trades.
Today's Surf
2:30am ET- There was a moving average crossover for a long trade. RSI was greater than 50, stochastics were trending up and MACD was negative and gaining value. This was a valid entry. The entry was at the close of the candle at 2.0214 with a stop at the most recent swing low at 2.0185. Since I was 36 pips away from the nearest 50 level, I decided to put my target at 2.0250.
Entry: Long at 2.0214
Stop: 2.0185
Initial Target: 2.0250
3:30am ET- My target was hit. The price did NOT make a clean break of the 2.0250 level so I took my final profit.
10:30am 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 at 2.0195 with a stop at the most recent swing low at 2.0139. Since I was only 5 pips away from the nearest 00 level (2.0200), I decided to go for the same amount of pips I was risking, which in this case was 56 pips. This put my target at 2.0251.
Entry: Long at 2.0195
Stop: 2.0139
Initial Target: 2.0251
11:15am ET- My target was hit. The price did NOT make a clean break of my 2.0251 target so I took my final profit.
Trade Result: +36 +56= +92 pips; R-Multiple: 1.24, 1.00
