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: 09/17/07
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
1:15am ET- There was a moving average crossover for a short trade. RSI was less than 50, stochastics were trending down, and MACD went from positive to negative. This was a valid entry. The entry was at the close of the candle at 2.0073 with a stop at the most recent swing high at 2.0086. Since I was 23 pips away from the nearest 00 or 50 level I decided to put my target at 2.0050.
Entry: Short at 2.0073
Stop: 2.0086
Initial Target: 2.0050
2:15am ET- My target was hit! The price made a clean break of my target so I moved my stop to 2.0050 and set my next target for 2.0000.
2:45am ET- My 2nd target at 2.0000 was hit but the price did not make a clean break of that level so I took my final profit.
11:00am 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 1.9998 with a stop at the most recent swing high at 2.0026. Since I was 48 pips away from the nearest 00 or 50 level I decided to put my target at 1.9950.
Entry: Short at 1.9998
Stop: 2.0226
Initial Target:1.9950
11:45am ET- My target was hit. The price made a clean break of my target so I moved my stop to 1.9950 and set my next target for 1.9900.
12:45am ET- Unfortunately I was stopped out at my initial target at 1.9950.
Trade Result: +73 +48= +121 pips; R-Multiple: 5.61, 1.71
Pinetree- I usually get in right as the candle is about to close. Sometimes I may be a pip or 2 off if the market is moving extremely fast, but usually I can get it right on the nail. You just have to have a quick trigger finger :)