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, 11/16/07
If this is your first time visiting this blog, read this first!
Main Trend
Current Trend= The trend remained down the entire day.
On Friday, I only looked for short trades.
Today's Surf
3:00am EDT- There was a moving average crossover for a short trade. RSI was less than 50, stochastics were trending down, and MACD was positive and losing value. This was a valid entry. The entry was at the close of the candle at 2.0426 with a stop at the most recent swing high at 2.0479. Since I was 26 pips away from the nearest 50 or 00 level, I put my initial target at 2.0400.
Entry: Short at 2.0426
Stop: 2.0479
Initial Target: 2.0400
5:00am EDT- My target was hit. Price did not make a clean break so I took my final profit. I managed to exit at 2.0402.
10:30am EDT- There was a moving average crossover for a short trade. RSI was less than 50, stochastics were trending down, and MACD was positive and losing value. This was a valid entry. The entry was at the close of the candle at 2.0440 with a stop at the most recent swing high at 2.0497. Since I was 40 pips away from the nearest 50 or 00 level, I put my initial target at 2.0400.
Entry: Short at 2.0440
Stop: 2.0497
Initial Target: 2.0400
12:15am EDT- Unfortunately I was stopped out of my trade.
Trade Result: +24 -57= -33 pips; R-Multiple: 0.49, -1.00
