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: 08/07/07
If this is your first time visiting this blog, read this first!
Main Trend
Current Trend= The trend remained down the entire day.
Today's Surf
2:15 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 2.0304 with a stop at the most recent swing high at 2.0335. Since I was only 4 pips away from the nearest 00 level (2.0300), I decided to go for the same amount of pips I was risking on the trade which in this case was 31. This put my target at 2.0273.
Entry: Short at 2.0304
Stop: 2.0335
Initial Target: 2.0273
3:15 am ET- My target was hit at 2.0273 and the candle made a clean break of that level. Instead of closing out my trade I trailed my stop to that level and went for my 2nd target at 2.0250.
3:30 am ET- Unofortunately I was stopped out at 2.0273 for a gain of +31 pips.
8:30 am ET- There was a valid signal here but it was the result of a major news event (USD Nonfarm Productivity) so I did not enter.
Trade Result: +31 pips; R-Multiple: 1.00
