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: 11/01/07
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
1:30am ET- There was a moving average crossover for a long trade. RSI was greater than 50, stochastics were trending up, but MACD was already positive. This canceled the signal and I did not enter.
6:30am 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 2.0785 with a stop at the most recent swing low at 2.0753. Since I was 15 pips away from the nearest 50 or 00 level, I decided to put my target at 2.0800.
Entry: Long at 2.0785
Stop: 2.0753
Initial Target: 2.0800
7:15am ET- My target was hit. Price did not make a clean break of my target so I took my final profit at 2.0800.
Trade Result: +15 pips; R-Multiple: 0.47
Tomorrow's news events to watch out for:
- 8:30am ET- US Non Farm Payrolls
For the rest of tomorrow's news lineup, check out our Forex Calendar
