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: 09/19/07
If this is your first time visiting this blog, read this first!
Main Trend
Current Trend= The trend remained up until 12pm ET. From 8am - 12pm ET a new trend change candle formed and changed the trend from up to DOWN. After 12pm ET, the trend remained down.
Today I looked for long trades until 12pm ET. After 12pm ET the trend changed to DOWN, but I rarely look for trades after 12pm ET so I finished up for the day.
Today's Surf
12:45am ET- There was a moving average crossover for a long trade. RSI was greater than 50, stochastics were trending up, and MACD was negative and gaining value. This was a valid entry. The entry was at the close of the candle at 2.0132 with a stop at the most recent swing low at 2.0113. Since I was 18 pips away from the nearest 50 or 00 level, I decided to put my target at 2.0150.
Entry: Long at 2.0132
Stop: 2.0113
Initial Target: 2.0150
1:15am ET- My target was hit. The price made a clean break of my target so I moved my stop loss to 2.0150 and set my next target for 2.0200.
2:00am ET- Unfortunately I was stopped out at my initial target of 2.0150.
Trade Result: +18 pips; R-Multiple: 0.95
