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: 09/20/07
If this is your first time visiting this blog, read this first!
Main Trend
Current Trend= The trend remained down until 4am ET. From 12:00am - 4am ET, a new trend change candle formed and changed the trend from down to UP. After 4am ET, the trend remained up the rest of the day.
Today I looked for short trades until 4am ET. After 4am ET I only looked for long trades.
Today's Surf
12:00am 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 2.0001 with a stop at the most recent swing high at 2.0022. Since I was only 1 pip away from the nearest 50 or 00 level (2.0000), I decided to go for the same amount of pips I was risking on the trade, which in this case was 21 pips. This put my target at 1.9980.
Entry: Short at 2.0001
Stop: 2.0022
Initial Target: 1.9980
1:30am ET- My target was hit. The price did not make a clean break of my target so I took my final profit.
Trade Result: +21 pips; R-Multiple: 1.00
