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, 11/02/07
If this is your first time visiting this blog, read this first!
Main Trend
Current Trend= The trend remained up the entire day
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, but MACD was already positive. This cancelled the signal and I did not enter.
2:45am 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 2.0813 with a stop at the most recent swing low at 2.0769. Since I was 37 pips away from the nearest 00 or 50 level, I decided to put my target at 2.0850.
Entry: Long at 2.0813
Stop: 2.0769
Initial Target: 2.0850
4:45am ET- My target was hit. Price did not make a clean break of my target so I took my final profit.
7:30am 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 2.0843 with a stop at the most recent swing low at 2.0814. Since I was only 7 pips away from the nearest 50 or 00 level (2.0850) I decided to go for the same amount of pips that I was risking on the trade, which in this case was 29. This put my target at 2.0872.
Entry: Long at 2.0843
Stop: 2.0814
Initial Target: 2.0872
8:15am ET- My target wasn't hit by this time and I knew that the US Employment report was coming out at 8:30. According to my rules, I don't hold trades over important news events, so I manually exited at 2.0835.
11:30am 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 2.0833 with a stop at the most recent swing low at 2.0798. Since I was 17 pips away from the nearest 00 or 50 level, I decided to put my target at 2.0850.
Entry: Long at 2.0833
Stop: 2.0798
Initial Target: 2.0850
12:00pm ET- My target was hit. Price did not make a clean break of my target so I took my final profit.
Trade Result: +37 -8 +17= +46 pips; R-Multiple: 0.84, -0.27, 0.48
