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: Wednesday, 10/10/07
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
12:00am 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 2.0388 with a stop at the most recent swing low at 2.0372. Since I was 12 pips away from the nearest 50 or 00 level, I decided to put my target at 2.0400.
Entry: Long at 2.0388
Stop: 2.0372
Initial Target: 2.0400
2:45am ET- My target is hit. Price makes a clean break of my target so I move my stop loss to 2.0400 and set my next target for 2.0450.
3:00am ET- Unfortunately I am stopped out at 2.0450
10:00am 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 2.0436 with a stop at the most recent swing low at 2.0397. Since I was 14 pips away from the nearest 50 or 00 level, I decided to put my target at 2.0450.
Entry: Long at 2.0436
Stop: 2.0397
Initial Target: 2.0450
4:00pm ET- My target wasn't hit by this time so I manually closed my trade. I managed to exit at 2.0415.
Trade Result: +12 -21= -9 pips; R-Multiple: 0.75, -0.53
