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: Friday 09/14/07
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 2.0180 with a stop at the most recent swing high at 2.0197. Since I was 30 pips away from the nearest 00 or 50 level I decided to put my target at 2.0150.
Entry: Short at 2.0180
Stop: 2.0197
Initial Target: 2.0150
1:45am ET- Unfortunately I was stopped out of my trade.
3:30am 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 2.0182 with a stop at the most recent swing high at 2.0224. Since I was 32 pips away from the nearest 00 or 50 level I decided to put my target at 2.0150.
Entry: Short at 2.0182
Stop: 2.0224
Initial Target: 2.0150
6:00am ET- My target was hit. The price made a clean break of my target at 2.0150 so I decided to trail my stop to this level and go for 2.0100.
6:15am ET- Unfortunately I was stopped out at my initial target at 2.0150.
Trade Result: -17 +32= +15pips; R-Multiple: -1.00, 0.76
