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: 08/23/07
If this is your first time visiting this blog, read this first!
Main Trend
Current Trend= The trend remained up the entire day.
Today I only looked for long trades.
Today's Surf
4:45 am ET- This was a moving average crossover for a long trade. RSI was greater than 50, stochastics was trending up, and MACD went from negative to positive. This was a valid entry. The entry was at the close of the candle at 9974 with a stop at the most recent swing low at 9936. Since I was 26 pips away from the nearest 00 level I decided to put my target at 2.0000.
Entry: Long at 9974
Stop: 9936
Initial Target: 2.0000
5:15 am ET- My target is hit. The candle doesn't make a clean break so I take my final profit.
Trade Result: +26 pips; R-multiple: .68
