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: 10/29/07
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
1:00am 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 2.0550 with a stop at the most recent swing low at 2.0538. Since I was 50 pips away from the nearest 50 or 00 level, I decided to put my target at 2.0600.
Entry: Long at 2.0550
Stop: 2.0538
Initial Target: 2.0600
6:45am ET- My target was hit. Price did not make a clean break of my target so I took my final profit. I was able to exit at 2.0600.
11:00am 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 2.0606 with a stop at the most recent swing low at 2.0571. Since I was 44 pips away from the nearest 50 or 00 level, I decided to put my target at 2.0650.
Entry: Long at 2.0606
Stop: 2.0571
Initial Target: 2.0650
4:00pm ET- My target was not hit by this time and according to my rules, I close out all trades at this time whether I'm negative or positive. Luckily I was positive and managed to get out at 2.0634.
Trade Result: +50 +28= +78 pips; R-Multiple: 4.16, 0.80
Tomorrow's news events to watch out for:
- No important news events tomorrow
For the rest of tomorrow's news lineup, check out our Forex Calendar
