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: 09/10/07
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
3:45am 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 2.0289 with a stop at the most recent swing low at 2.0261. Since I was only 11 pips away from the nearest 00 level (2.0300) I decided to go for the same amount of pips I was risking on the trade, which in this case was 28 pips. This put my target at 2.0311.
Entry: Long at 2.0289
Stop: 2.0261
Initial Target: 2.0311
4:15am ET- My target was not hit by this time. I knew that I had a pretty strong news report coming out at 4:30am ET (GBP PPI Input Report), so I decided to close out my trade with a small loss. I exited at 2.0285 for a loss of 4 pips.
5:15am ET- There was a moving average crossover for a long trade. RSI was greater than 50, stochastics were trending up and MACD went from negative to positive. This was a valid entry. The entry was at the close of the candle at 2.0304 with a stop at the most recent swing low at 2.0269. Since I was 46 pips away from the nearest 50 or 00 level I decided to set my target at 2.0350.
Entry: Long at 2.0304
Stop: 2.0269
Initial Target: 2.0350
11:00am ET- Unfortunately I was stopped out of my trade.
Trade Result: -4 -35= -39 pips; R-Multiple: -0.14, -1.00
