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: 10/18/07
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
1:15am 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 2.0405 with a stop at the most recent swing low at 2.0383. Since I was 45 pips away from the nearest 50 or 00 level, I decided to put my target at 2.0450.
Entry: Long at 2.0405
Stop: 2.0383
Initial Target: 2.0450
4:15am ET- My target hadn't been hit by this time. I knew that the UK Retail Sales were coming out at 4:30, and according to my rules, I never hold trades over significant news reports. As a result, I manually closed my trade. I ended up getting out at 2.0410.
Trade Result: +5 pips; R-Multiple: 0.22
Tomorrow's news events to watch out for:
- 4:30am ET- GBP GDP
- 10:00am ET- US Fed Chairman, Ben Bernanke speaks
For the rest of tomorrow's news lineup, check out our Forex Calendar
