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: 11/07/07
If this is your first time visiting this blog, read this first!
Main Trend
Daylight savings time! Because of daylight savings time, the times of the 4hr chart have changed, but the data is still the same.
Current Trend= The trend remained up the entire day.
Today I only looked for long trades.
Today's Surf
3:15am EDT- 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 2.0940 with a stop at the most recent swing low at 2.0930. Since I was 10 pips away from the nearest 50 or 00 level, I put my initial target at 2.0950.
Entry: Long at 2.0940
Stop: 2.0930
Initial Target: 2.0950
3:45am EDT- My target was hit. Price made a clean break so I moved my stop to 2.0950 and set my next target for 2.1000.
4:15am EDT- My 2nd target was hit at 2.1000. Price made a clean break again so I moved my stop to 2.1000 and set my next target for 2.1050
5:00am EDT- My 3rd target was hit at 2.1050. This time, the price did not make a clean break so I took my final profit at 2.1050.
7:45am EDT- 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 2.1018 with a stop at the most recent swing low at 2.0985. Since I was 32 pips away from the nearest 50 or 00 level, I put my initial target at 2.1050.
Entry: Long at 2.1018
Stop: 2.0985
Initial Target: 2.1050
8:00am EDT- My target was hit. The price did not make a clean break so I took my final profit.
Trade Result: +110 +32= +142 pips; R-Multiple: 11.00, 0.96
News events to watch for tomorrow :
- 7:00am EDT- BOE Interest Rate Statement
- 8:30am EDT- ECB President, Trichet, speaks
- 10:00am EDT- Fed Chairman, Bernanke, speaks
For a list of all of tomorrow's news events, check out our Forex Calendar
-PipSurfer