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: Monday, 12/10/07
If this is your first time visiting this blog, read this first!
Main Trend
Current Trend= The trend remained up the entire day.
Today I only looked for long trades.
Today's Surf
12:00am 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 2.0325 with a stop at the most recent swing low at 2.0309. Since I was 25 pips away from the nearest 50 or 00 level, I decided to put my initial target at 2.0350.
Entry: Long at 2.0325
Stop: 2.0309
Initial Target: 2.0350
1:00am EDT- Unfortunately I was stopped out of my trade.
Trade Result: -16 pips; R-Multiple: -1.00
News events to watch for tomorrow :
- 5:00am EDT- German ZEW Economic Sentiment
- 2:15pm EDT- US Interest Rate Statement
For a list of all of tomorrow's news events, check out our Forex Calendar
