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: 08/03/07
If this is your first time visiting this blog, read this first!
Main Trend
Current Trend= The trend remained up the entire day.
On Friday I only looked for long trades.
Today's Surf
5:30 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 2.0362 with a stop at the most recent swing low at 2.0350. Since I was 38 pips away from the nearest 00 level I set my target for 2.0400.
Entry: Long at 2.0362
Stop: 2.0350
Initial Target: 2.0400
6:15 am ET- Unfortunately I was stopped out at 2.0350 for a 12 pip loss.
8:30 am ET- There was a valid signal here but it was caused by a news event (NFP). Since this was the case I did not enter the trade.
Trade Result: -12 pips ; R-Multiple: -1.00
