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: 12/19/07
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 went from positive to negative. This was a valid entry. The entry was at the close of the candle at 2.0141 with a stop at the most recent swing high at 2.0154. Since I was 41 pips away from the nearest 50 or 00 level, I decided to put my target at 2.0100.
Entry: Short at 2.0141
Stop: 2.0154
Initial Target: 2.0100
2:00am EDT- My target was hit. Price did not make a clean break so I took my final profit.
4:30am EDT- This was a news candle so there was no entry.
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 2.0032 with a stop at the most recent swing high at 2.0072. Since I was 32 pips away from the nearest 50 or 00 level, I decided to put my initial target at 2.0000
Entry: Short at 2.0032
Stop: 2.0072
Initial Target: 2.0000
11:00am EDT- My target was hit. Price did not make a clean break of my target so I went ahead and took my final profit.
Trade Result: +41 +32= +73 pips; R-Multiple: 3.15; 0.64
News events to watch for tomorrow :
- 4:30am EDT- GBP GDP
- 8:30am EDT- US Unemployment Claims
For a list of all of tomorrow's news events, check out our Forex Calendar
