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: 10/16/07
If this is your first time visiting this blog, read this first!
Main Trend
Current Trend= The trend remained up until 8am ET. From 4am - 8am ET, a new trend change candle formed and changed the trend from up to DOWN. After 8am ET, the trend remained down the rest of the day.
Today I looked for long trades until 8am ET. After 8am ET, I only looked for short trades.
Today's Surf
10:30am 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 2.0325 with a stop at the most recent swing low at 2.0380. Since I was 25 pips away from the nearest 50 or 00 level, I decided to put my target at 2.0300.
Entry: Short at 2.0325
Stop: 2.0380
Initial Target: 2.0300
3:30pm ET- My target was not hit by this time. I normally like to wait until 4pm ET to close my trades, but this one didn't look like it was going anywhere. I managed to exit at 2.0318.
Trade Result: +7 pips; R-Multiple: 0.13
Tomorrow's news events to watch out for:
- 4:30am ET- UK MPC Minutes, UK Average Earnings
- 8:30am ET- US Core CPI
For the rest of tomorrow's news lineup, check out our Forex Calendar
