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: 08/16/07
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
1:45 am ET- This was a moving average crossover for a short trade. RSI was less than 50, stochastics was trending down, and MACD was positive and losing value. This was a valid entry. The entry was at the close of the candle at 9842 with a stop at the most recent swing high at 9888. Since I was 42 pips away from the nearest 00 level I decided to put my target at 9800.
Entry: Short at 9842
Stop: 9888
Initial Target: 9800
4:15 am ET- I knew that GBP Retail Sales was coming up at 4:30 so I closed out my trade during this candle. I managed to get out at 9811.
4:45 am ET- There was a moving average crossover for a short trade but stochastics was trending up so the signal was cancelled. No trade.
5:45 am ET- This was a moving average crossover for a short trade. RSI was less than 50, stochastics was trending down, and MACD was positive and losing value. This was a valid entry. The entry was at the close of the candle at 9820 with a stop at the most recent swing high at 9853. Since I was 20 pips away from the nearest 00 level I decided to put my target at 9800.
Entry: Short at 9820
Stop: 9853
Initial Target: 9800
6:30 am ET- My target was hit and the candle made a clean break of 9800 so I held onto my trade. By the end of the candle, the price had retraced back up by almost 30 pips so I went ahead and closed my trade. I got out at 9793.
10:15 am ET- This was a moving average crossover for a short trade. RSI was less than 50, stochastics was trending down, and MACD was positive and losing value. This was a valid entry. The entry was at the close of the candle at 9822 with a stop at the most recent swing high at 9875. Since I was 22 pips away from the nearest 00 level I decided to put my target at 9800.
Entry: Short at 9822
Stop: 9875
Initial Target: 9800
12:00 pm ET- My target was hit and the candle made a clean break of 9800. I held onto my trade but the candle retraced up pretty fast so I decided to exit out. I managed to close my trade at 9795.
Trade Result: +31 +27 +27= +85 pips ; R-multiple: 0.67, 0.81, 0.51
