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, 11/09/07
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 until 11:00am EDT. From 7am - 11:00am EDT, a new trend change candle formed and changed the trend from up to DOWN. After 11:00am EDT, the trend remained down the rest of the day.
Today I only looked for long trades until 11:00am EDT. After 11:00am EDT, I only looked for short trades.
Today's Surf
4:45am 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 2.1116 with a stop at the most recent swing low at 2.1068. Since I was 34 pips away from the nearest 50 or 00 level, I put my initial target at 2.1150.
Entry: Long at 2.1116
Stop: 2.1068
Initial Target: 2.1150
5:15am EDT- My target was hit. Price did not make a clean break, so I took my final profit.
Trade Result: +34 pips; R-Multiple: 0.71
News events to watch for Monday :
- All Day- US Holiday- Veterans Day
- According to my rules, I do not trade on holidays, so I will be taking Monday off.
For a list of all of Monday's news events, check out our Forex Calendar
