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: 07/16/07
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
3:30 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 2.0359 with a stop at the most recent swing low which was at 2.0339. Since I was 41 pips away from the nearest 00 level, I decided to put my target at 2.0400.
7:15 am ET- My target was hit at 2.0400.
9:45 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 2.0386 with a stop at the most recent swing low which was at 2.0365. Since I was only 14 pips away from the nearest 00 level I decided to go for the same amount of pips I was risking which in this case was 21. This put my target at 2.0407.
10:45 am ET- Unfortunately I was stopped out.
Trade Result: +41 -21= +20 pips; R-Multiple: 2.05, -1.00
