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: 09/07/07
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
11:45am ET- There was a moving average crossover for a long trade. RSI was greater than 50, stochastics were trending up and MACD was negative and gaining value. This was a valid entry. The entry was at the close of the candle at 2.0281 with a stop at the most recent swing low at 2.0243. Since I was 19 pips away from the nearest 00 level, I decided to put my target at 2.0300.
Entry: Long at 2.0281
Stop: 2.0243
Initial Target: 2.0300
12:00pm ET- My target was hit. The price did NOT make a clean break of the 2.0300 level so I took my final profit.
Trade Result: +19 pips; R-Multiple: 0.50
