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, 09/21/07
If this is your first time visiting this blog, read this first!
Main Trend
Current Trend= The trend remained up the entire day.
Today I only looked for long trades.
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 2.0111 with a stop at the most recent swing low at 2.0087. Since I was 39 pips away from the nearest 00 or 50 level, I decided to put my target at 2.0150.
Entry: Long at 2.0111
Stop: 2.0087
Initial Target: 2.0150
3:00am ET- Unfortunately I was stopped out of my trade.
3:45am ET- There was a moving average crossover for a long trade. RSI was greater than 50, stochastics were trending up, and MACD went from negative to positive. This was a valid entry. The entry was at the close of the candle at 2.0129 with a stop at the most recent swing low at 2.0078. Since I was 21 pips away from the nearest 00 or 50 level, I decided to put my target at 2.0150.
Entry: Long at 2.0129
Stop: 2.0078
Initial Target: 2.0150
4:15am 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 +21= -3 pips; R-Multiple: -1.00, 0.41
