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: 07/31/07
If this is your first time visiting this blog, read this first!
Main Trend
Current Trend= The trend remained down until 8am ET. From 4am - 8am ET, a new trend change candle formed and changed the trend from down to UP. After 8am ET, the trend remained up the rest of the day.
From midnight to 8am ET, I only looked for short trades. After 8am ET, I only looked for long trades.
Today's Surf
11:00 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 2.0335 with a stop at the most recent swing low at 2.0284. Since I was 15 pips away from the nearest 50 level I set my target for 2.0350.
11:45 am ET- My target was hit at 2.0350 and the price made a clean break of that level. I trailed my stop to 2.0350 and tried to go for 2.0400 as my next target.
12:00 pm ET- Unfortunately I was stopped out at 2.0350.
Trade Result: +15 pips ; R-Multiple: 0.29
