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: 09/18/07
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
1:45am 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 1.9890 with a stop at the most recent swing high at 1.9914. Since I was 40 pips away from the nearest 50 or 00 level, I decided to put my target at 1.9850.
Entry: Short at 1.9890
Stop:1.9914
Initial Target:1.9850
2:00am ET- Unfortunately I was stopped out of my trade.
5:45am 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 1.9928 with a stop at the most recent swing high at 1.9982. Since I was 28 pips away from the nearest 00 or 50 level I decided to put my target at 1.9900.
Entry: Short at 1.9928
Stop:1.9982
Initial Target:1.9900
7:00am ET- My target was hit. The price did not make a clean break of my target so I took my final profit.
Trade Result: -24 +28 = +4 pips; R-Multiple: -1.00, 0.52
