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: 07/25/07
If this is your first time visiting this blog, read this first!
Main Trend
Current Trend= The trend remained up until 4am ET. From midnight to 4am ET, a new trend change candle formed and changed the trend from up to DOWN. After the trend change candle was formed the trend remained down the rest of the day.
Today I looked for long trades until 4am ET. After 4am ET, I only looked for short trades.
Today's Surf
12:00 am ET- There was a moving average crossover for a long trade. RSI was greater than 50, stochastics were trending up but MACD was already positive which cancelled out the signal. No entry!
10:00 am ET- There was a moving average crossover for a short trade. RSI was greater than 50, stochastics were trending up and MACD was positive and losing value. Although this was a valid signal it formed during a news candle and one of the rules is to never enter when a signal is formed during a major news event. In this case that news event was the Existing Home Sales report.
Trade Result: +0 pips
