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, 10/19/07
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
5:00am 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 2.0454 with a stop at the most recent swing low at 2.0406. Since I was 46 pips away from the nearest 50 or 00 level, I decided to put my target at 2.0500.
Entry: Long at 2.0454
Stop: 2.0406
Initial Target: 2.0500
8:30am ET- My target was hit at 2.0500. The price made a clean break of that level so I moved my stop loss to 2.0500 and set my next target for 2.0550.
9:30am ET- Unfortunately I was stopped out at 2.0500.
Trade Result: +46 pips; R-Multiple: 0.96
-PipSurfer