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, 12/11/07
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
12:45am 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 2.0466 with a stop at the most recent swing low at 2.0456. Since I was 34 pips away from the nearest 50 or 00 level, I decided to put my initial target at 2.0500.
Entry: Long at 2.0466
Stop: 2.0456
Initial Target: 2.0500
2:15am EDT- My target was hit. Price closed right at my target so I went ahead and took my final profit.
4:30am EDT- There was a valid signal here but like yesterday I did not enter because it was right before a major news event (German Zew Sentiment).
7:00am 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 2.0490 with a stop at the most recent swing low at 2.0466. Since I was only 10 pips away from the nearest 50 or 00 level (2.0500), I decided to go for the same amount of pips I was risking on the trade, which in this case was 24. This put my initial target at 2.0514.
Entry: Long at 2.0490
Stop: 2.0466
Initial Target: 2.0514
9:15am EDT- Unfortunately I was stopped out of my trade.
Trade Result: +34 -24= +10 pips; R-Multiple: 3.40, -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
