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: 08/22/07
If this is your first time visiting this blog, read this first!
Main Trend
Current Trend= The trend remained down until 8am 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 for the rest of the day.
Today's Surf
9:30 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 9882 with a stop at the most recent swing low at 9858. Since I was 18 pips away from the nearest 00 level I decided to put my target at 9900.
Entry: Long at 9882
Stop: 9858
Initial Target: 9900
10:15 am ET- My target is hit and the candle makes a clean break. The candle ended up closing around 9905 and I took my final profit since it wasn't a HUGE break.
Trade Result: +23 pips; R-multiple: .95
