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: Tuesday, 12/04/07
If this is your first time visiting this blog, read this first!
Main Trend
Current Trend= The trend remained up until 11am EDT. From 7am - 11am EDT, a new trend change candle formed and changed the trend from up to DOWN. After 11am EDT, the trend remained down the rest of the day.
Today I looked for long trades until 11am EDT. After 11am EDT I only looked for short trades.
Today's Surf
1:45am EDT- 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 out the signal and I did not enter.
6:00am 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 2.0644 with a stop at the most recent swing low at 2.0587. Since I was only 6 pips away from the nearest 50 or 00 level (2.0650) I decided to go for the same amount of pips I was risking on the trade which in this case was 57. This put my initial target at 2.0701.
Entry: Long at 2.0644
Stop: 2.0587
Initial Target: 2.0701
10:45am EDT- Unfortunately I was stopped out of my trade.
Trade Result: -57 pips; R-Multiple:-1.00
News events to watch for tomorrow :
- 4:30am EDT- GBP Average Earnings Index
- 8:30am EDT- US Trade Balance
For a list of all of tomorrow's news events, check out our Forex Calendar
