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 09/28/07
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
3:15am 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 2.0232 with a stop at the most recent swing low at 2.0194. Since I was 18 pips away from the nearest 50 or 00 level, I decided to put my target at 2.0250.
Entry: Long at 2.0232
Stop: 2.0194
Initial Target: 2.0250
4:14am ET- My target was hit. The price made a clean break of my target so I moved my s/l to 2.0250 and set my next target for 2.0300.
6:00am ET- My 2nd target was hit. Unfortunately the price did not make a clean break of this level so I took my final profit. I managed to exit at 2.0297.
Trade Result: +65 pips; R-Multiple: 1.71
