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: 10/23/07
If this is your first time visiting this blog, read this first!
Main Trend
Current Trend= The trend remained down until 8am ET. From 4am - 8am ET, a new trend change candle formed and changed the trend from down to UP. After 8am ET, the trend remained up the rest of the day.
Today I looked for short trades until 8am ET. After 8am ET, I only looked for long trades.
Today's Surf
12:00am ET- There was a moving average crossover for a short trade. RSI was less than 50, stochastics were trending down, and MACD went from positive to negative. This was a valid entry. The entry was at the close of the candle at 2.0338 with a stop at the most recent swing high at 2.0363. Since I was 38 pips away from the nearest 00 or 50 level, I decided to put my target at 2.0300.
Entry: Short at 2.0338
Stop: 2.0363
Initial Target: 2.0300
2:00am ET- Unfortunately I was stopped out of my trade.
3:15am ET- There was a moving average crossover for a short trade. RSI was less than 50, stochastics were trending down, and MACD went from positive to negative. This was a valid entry. The entry was at the close of the candle at 2.0342 with a stop at the most recent swing high at 2.0388. Since I was 42 pips away from the nearest 00 or 50 level, I decided to put my target at 2.0300.
Entry: Short at 2.0342
Stop: 2.0388
Initial Target: 2.0300
4:15am ET- Unfortunately I was stopped out of my trade.
Trade Result: -25 -46= -71 pips; R-Multiple: -1.00, -1.00
Tomorrow's news events to watch out for:
- 10:00am ET- US Existing Home Sales
For the rest of tomorrow's news lineup, check out our Forex Calendar
