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: 07/09/07
If this is your first time visiting this blog, read this first!
Main Trend
Current Trend= The trend remained down until 8am ET. From 4am to 8am ET a new trend change candle formed and changed the trend from down to UP. After 8am ET, the trend remained up the remainder of the day.
Today I looked for short trades until 8am ET. After 8am ET, I only looked for long trades.
Today's Surf
2:00 am ET- 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 which was at 2.0098 with a stop at the most recent swing high which was at 2.0114. Since I was 48 pips away from the nearest 50 level I decided to put my target at 2.0050.
3:00 am ET- Unfortunately I was stopped out.
9:30 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 2.0148 with a stop at the most recent swing low which was at 2.0136. Since I was only 2 pips away from the nearest 50 level I decided to go for the same amount of pips that I was risking which in this case was 12. This put my target at 2.0160.
9:45 am ET- My target was hit!
Trade Result: -16 +12= -4 pips; R-Multiple: -1.00; 1:00
