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: 08/02/07
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
12:45 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 2.0309 with a stop at the most recent swing low at 2.0286. Since I was 41 pips away from the nearest 50 level I set my target for 2.0350.
4:45 am ET- Unfortunately I was stopped out at 2.0286 for a 23 pip loss.
6:45 am ET- There was a valid signal here but because it occurred right at the time of the GBP Interest Rate Statement, I did not enter. (Major news event)
Trade Result: -23 pips ; R-Multiple: -1.00
