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: 09/11/07
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
4:30am 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 2.0268 with a stop at the most recent swing low at 2.0233. Since I was 32 pips away from the nearest 00 or 50 level, I decided to put my target at 2.0300
Entry: Long at 2.0268
Stop: 2.0233
Initial Target: 2.0300
5:00am ET- My target was hit. The price did not make a clean break of 2.0300 so I took my final profit.
11:30am 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 2.0317 with a stop at the most recent swing low at 2.0284. Since I was 33 pips away from the nearest 50 or 00 level I decided to set my target at 2.0350.
Entry: Long at 2.0317
Stop: 2.0284
Initial Target: 2.0350
4:00pm ET- My target was not hit by 4pm ET, and according to my rules, this is the time I close out all my trades, whether I'm positive or negative. In this case I ended up closing with a slight gain of 5 pips by closing out at 2.0322.
Trade Result: +32 +5= +37 pips; R-Multiple: 0.91, 0.15
