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: Wednesday, 12/12/07
If this is your first time visiting this blog, read this first!
Main Trend
Current Trend= The trend remained down until 7am EDT. From 3am - 7am EDT, a new trend change candle formed and changed the trend from down to UP. After 7am EDT, the trend remained up the rest of the day.
Today I looked for short trades until 7am EDT. After 7am EDT, I only looked for long trades.
Today's Surf
8:30am EDT- There was a valid signal here but because it occurred on a news candle I did not enter.
11:30am 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 2.0444. 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: 2.0444
Initial Target: 2.0500
12:00pm EDT- My target was hit. Price did not make a clean break so I took my final profit. I managed to get out at 2.0495.
Trade Result: +29 pips; R-Multiple: 1.32
News events to watch for tomorrow :
- 6:00am EDT- CBI Industrial Trends Orders
- 8:30am EDT- Retail Sales; PPI
For a list of all of tomorrow's news events, check out our Forex Calendar
