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: 09/12/07
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
12:00am ET- There was a moving average crossover for a long trade. RSI was greater than 50, but stochastics were trending down and MACD was already positive. No entry.
4:30am ET- There was a moving average crossover for a long trade, but it was a news candle. No entry.
6:30am ET- There was a moving average crossover for a long trade. RSI was greater than 50, but stochastics weren't trending up. No entry.
11:15am 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 2.0315 with a stop at the most recent swing low at 2.0286. Since I was 35 pips away from the nearest 00 or 50 level I decided to put my target at 2.0350.
Entry: Long at 2.0315
Stop: 2.0286
Initial Target: 2.0350
4:00pm ET- My target wasn't hit by this time. According to my rules, I exit my trades at this time whether I'm negative or positive. Today I took a small loss as I exited at 2.0304.
Trade Result: -11 pips; R-Multiple: -0.38
