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: 10/24/07
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
4:15am ET- There was a moving average crossover for a long trade. RSI was greater than 50, stochastics were trending up, and MACD went from negative to positive. This was a valid entry. The entry was at the close of the candle at 2.0487 with a stop at the most recent swing low at 2.0424. Since I was 13 pips away from the nearest 00 or 50 level, I decided to put my target at 2.0500.
Entry: Long at 2.0487
Stop: 2.0424
Initial Target: 2.0500
9:45am ET- My target was not hit by this time. I knew that Existing Home Sales were coming out at 10am ET, and according to my rules, I do not hold my trades over important news events. I manually closed my trade and managed to get out at 2.0492
Trade Result: +5 pips; R-Multiple: 0.08
Tomorrow's news events to watch out for:
- 8:30am ET- US Durable Goods
- 10:00am ET- US New Home Sales
For the rest of tomorrow's news lineup, check out our Forex Calendar
