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: 09/25/07
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
5:45am 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 2.0103 with a stop at the most recent swing high at 2.0143. Since I was only 3 pips away from the nearest 50 or 00 level (2.0100), I decided to go for the same amount of pips I was risking on the trade, which in this case was 40 pips. This put my target at 2.0063.
Entry: Short at 2.0103
Stop: 2.0143
Initial Target: 2.0063
8:00am ET- Unfortunately I was stopped out of my trade.
Trade Result: -40 pips; R-Multiple: -1.00
