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: 07/30/07
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 was positive and losing value. This was a valid entry. The entry was at the close of the candle which was at 2.0223 with a stop at the most recent swing high at 2.0224. Since I was 23 pips away from the nearest 00 level I put my starget at 2.0200.
1:00 am ET- Unfortunately I was stopped out of my trade for a loss of 21 pips.
6:15 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 2.0254 with a stop at the most recent swing high at 2.0289. Since I was only 4 pips away from the nearest 50 level at 2.0250, I decided to go for the same amount of pips I was risking which in this case was 35. This put my target at 2.0219.
4:00 pm ET- Unfortunately my target wasn't hit by this time so I manually closed out my trade and managed to get out at 2.0249.
Trade Result: -21 +5= -16 pips; R-Multiple: -1.00, 0.14
