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: 12/17/07
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
12:30am EDT- There was a moving average crossover for a short trade. RSI was less than 50, stochastics were trending down, and MACD went from positive to negative. This was a valid entry. The entry was at the close of the candle at 2.0180 with a stop at the most recent swing high at 2.0210. Since I was 30 pips away from the nearest 50 or 00 level, I decided to put my target at 2.0150.
Entry: Short at 2.0180
Stop: 2.0210
Initial Target: 2.0150
3:00am EDT- My target was hit. Price made a clean break of 2.0150 so I moved my stop loss to that level and set my next target for 2.0100.
3:30am EDT- Unfortunately I was stopped out at 2.0150
10:45am 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 2.0150 with a stop at the most recent swing high at 2.0180. Since I was 50 pips away from the nearest 50 or 00 level, I decided to put my target at 2.0100.
12:30pm EDT- Unfortunately I was stopped out of my trade.
Trade Result: +30 -30= +0 pips; R-Multiple: 1.00; -1.00
News events to watch for tomorrow :
- 4:30am EDT- GBP CPI
- 8:30am EDT- US Housing Starts
For a list of all of tomorrow's news events, check out our Forex Calendar
