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: 08/20/07
If this is your first time visiting this blog, read this first!
Main Trend
Current Trend= The trend remained down until 4am ET. From 4am - 8am ET, a new trend change candle formed and changed the trend from down to UP. After 8am ET, the trend remained up the rest of the day.
Today's Surf
8:30 am ET- This was a moving average crossover for a long trade. RSI was greater than 50, stochastics was trending up, and MACD was negative and gaining value. This was a valid entry. The entry was at the close of the candle at 9876 with a stop at the most recent swing low at 9843. Since I was 24 pips away from the nearest 00 level I decided to put my target at 9900.
Entry: Long at 9876
Stop: 9843
Initial Target: 9900
9:45 am ET- Unfortunately I was stopped out of my trade.
2:15 pm ET- There was another long signal here but I didn't take it because it was so late in the day.
Trade Result: -33 pips; R-multiple: -1.00
