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 Update: 06/19/07
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
1:15 am 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 which was at 9844 with a stop at the most recent swing low which was at 9835. Since I was only 6 pips away from the nearest 50 level and because if I went for the same amount of pips I was risking, I would only be making a little bit of profit, I decided to go for the nearest 00 level at 9900.
4:30 am ET- Unfortunately I was stopped out of my trade.
6:15 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 9856 with a stop at the most recent swing low which was at 9823. Since I was 44 pips away from the nearest 00 level I decided to go for 9900.
3:45 pm ET- My target still wasn't hit and since it was almost 4pm ET, I decided to close my out my trade. I exited at 9886.
Trade Result: -9 +30= +21 pips; R-multiple= -1.00; .90
