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: 10/09/07
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
2:45am 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 2.0333 with a stop at the most recent swing high at 2.0345. Since I was 33 pips away from the nearest 50 or 00 level, I decided to put my target at 2.0300.
Entry: Short at 2.0333
Stop: 2.0345
Initial Target: 2.0300
4:00am ET- Unfortunately I was stopped out of my trade.
5:00am 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 2.0332 with a stop at the most recent swing high at 2.0352. Since I was 32 pips away from the nearest 50 or 00 level, I decided to put my target at 2.0300.
Entry: Short at 2.0332
Stop: 2.0352
Initial Target: 2.0300
5:30am ET- My target was hit. Price made a clean break of my target, so I moved my stop loss to 2.0300 and set my next target for 2.0250.
5:45am ET- Unfortunately I was stopped out at 2.0300.
Trade Result: -12 +32= +20 pips; R-Multiple: -1.00, 1.60
Tomorrow's news events to watch out for:
- Nothing really in regards to the Sterling and Dollar.
For the rest of tomorrow's news lineup, check out our Forex Calendar
