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: 07/24/07
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
8:00 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 2.0623 with a stop at the most recent swing low at 2.0591. Since I was 27 pips away from the nearest 50 level I decided to set my target at 2.0650.
4:00 pm ET- At this time my target still isn't hit and it is 4pm EST. Since my target isn't hit yet, I manually close my trade and end up getting out at 2.0602.
Trade Result: -21 pips; R-Multiple= -0.91
