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: 08/10/07
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
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 at 2.0188 with a stop at the most recent swing high which was at 2.0229. Since I was 38 pips away from the nearest 50 level I decided to put my target at 2.0150.
Entry: 2.0188
Stop: 2.0229
Initial Target: 2.0150
7:00 am ET- My target was just nipped. Since the candle didn't make a clean break of 2.0150, I took my final profit and exited the trade. I ended up getting out at 2.0152.
Trade Result: +36 pips; R-multiple: 0.87
