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: Thursday, 12/06/07 and Friday, 12/07/07
If this is your first time visiting this blog, read this first!
Thursday, 12/06/07
Main Trend
Current Trend= The trend remained down the entire day.
On Thursday, I only looked for short trades.
Today's Surf
6:30am EDT- There was a valid signal to enter short here. However, seeing as how the BOE Interest Rate Statement was about to come out at 7:00am EDT, I decided not to enter this one. This is where your individual discretion must come into play.
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 2.0250 with a stop at the most recent swing high at 2.0311. Since I was 50 pips away from the nearest 50 or 00 level, I decided to put my initial target at 2.0200.
Entry: Short at 2.0250
Stop: 2.0311
Initial Target: 2.0200
3:45pm EDT- Unfortunately my target was not hit by this time. According to my rules, I exit all trades by 4pm EDT whether or not I'm losing or winning. I managed to exit at 2.0265.
Trade Result: -15 pips; R-Multiple: -0.24
Friday, 12/07/07
Main Trend
Current Trend= The trend remained down the entire day.
On Friday, I only looked for short trades.
Today's Surf
2:30am 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 2.0242 with a stop at the most recent swing high at 2.0265. Since I was 42 pips away from the nearest 50 or 00 level, I decided to put my initial target at 2.0200.
Entry: Short at 2.0242
Stop: 2.0265
Initial Target: 2.0200
4:00am EDT- Unfortunately I was stopped out of my trade.
9:00am EDT- There was a moving average crossover for a short trade. RSI was less than 50, stochastics were trending down, but MACD was already negative. This cancelled out the signal and I did not enter.
Trade Result: -23 pips; R-Multiple: -1.00
