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: Friday, 12/14/07
If this is your first time visiting this blog, read this first!
Main Trend
Current Trend= The trend remained down the entire day.
Today I only looked for short trades.
Today's Surf
2:15am 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 2.0396 with a stop at the most recent swing high at 2.0446. Since I was 46 pips away from the nearest 50 or 00 level, I decided to put my target at 2.0350
Entry: Short at 2.0396
Stop: 2.0446
Initial Target: 2.0350
4:15am EDT- My target was hit. Price didn't make a clean break so I took my final profit. I managed to exit at 2.0352
Trade Result: +44 pips; R-Multiple: 0.88
News events to watch for tomorrow :
- 9:00am EDT- US TIC Data
For a list of all of tomorrow's news events, check out our Forex Calendar
gryat- I know what you mean! Thats the way it goes sometimes :(
Mailikkal- check out the "read me first" at the top of this post. That should help get you started.
Happy trading everyone!