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: 09/13/07
If this is your first time visiting this blog, read this first!
Main Trend
Current Trend= The trend remained down the entire day.
Today I only looked for short trades.
Today's Surf
1:00am ET- There was a moving average crossover for a short trade. RSI was less than 50, stochastics were trending down, and MACD was positive and losing value. This was a valid entry. The entry was at the close of the candle at 2.0272 with a stop at the most recent swing high at 2.0287. Since I was 22 pips away from the nearest 00 or 50 level I decided to put my target at 2.0250.
Entry: Short at 2.0272
Stop: 2.0287
Initial Target: 2.0250
3:15am ET- My target was hit. The price did not make a clean break of 2.0250 so I took my final profit.
4:30am ET- There was a moving average crossover for a short trade. RSI was less than 50, stochastics were trending down, and MACD was positive and losing value. This was a valid entry. The entry was at the close of the candle at 2.0267 with a stop at the most recent swing high at 2.0295. Since I was 17 pips away from the nearest 00 or 50 level I decided to put my target at 2.0250.
Entry: Short at 2.0267
Stop: 2.0295
Initial Target: 2.0250
5:00am ET- My target was hit. The price did not make a clean break of 2.0250 so I took my final profit.
9:00am ET- There was a moving average crossover for a short trade. RSI was less than 50, stochastics were trending down, and MACD was positive and losing value. This was a valid entry. The entry was at the close of the candle at 2.0251 with a stop at the most recent swing high at 2.0288. Since I was only 1 pip away from the nearest 50 or 00 level (2.0250) I decided to go for the same amount of pips I was risking on the trade, which in this case was 37. This put my target at 2.0214.
Entry: Short at 2.0251
Stop: 2.0288
Initial Target: 2.0214
10:15am ET- Unfortunately I was stopped out of my trade.
Trade Result: +22 +17 -37= +2 pips; R-Multiple: 1.46, 0.67, -1.00
