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, 01/09/08
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
12:45am 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 1.9734 with a stop at the most recent swing high at 1.9762. Since I was 34 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.9700.
Entry: Short at 1.9734
Stop: 1.9762
Initial Target: 1.9700
2:00am EDT- My target was hit. Price did not make a clean break so I took my final profit. I exited at 1.9702.
Trade Result: +32 pips; R-Multiple: 1.14
News events to watch for Monday :
- 4:30am EDT- GBP Trade Balance
- 7:00am EDT- GBP Interest Rate Statement
- 8:30am EDT- US Unemployment Claims
