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: 07/27/07
If this is your first time visiting this blog, read this first!
Main Trend
Current Trend= The trend remained down the entire day
Today I only looked for short trades.
Today's Surf
12:15 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 2.0465 with a stop at the most recent swing high at 2.0491. Since I was 15 pips away from the nearest 50 level I put my starget at 2.0450.
1:30 am ET- My target was hit and the price made a clean break so I moved my stop to 2.0450 and set my 2nd target at 2.0400.
2:00 am ET- My 2nd target was hit at 2.0400 and the price made another clean break so I trailed my stop to 2.0400 and set my third target for 2.0350.
2:15 am ET- Unfortunately I was stopped out at 2.0400 for a total pip gain of +65.
Trade Result: +65 pips; R-Multiple: 2.50
