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: Monday, 01/14/08
If this is your first time visiting this blog, read this first!
Main Trend
Current Trend= The trend remained down until 3am EDT. From 11pm EDT - 3am EDT, a new trend change candle formed and changed the trend from down to UP. After 3am EDT, the trend remained up the rest of the day.
Today I only looked for short trades until 3am EDT. After 3am EDT I only looked for long trades.
Today's Surf
4:15am EDT- There was a moving average crossover for a long trade. RSI was greater than 50, MACD was negative and gaining value, but stochastics were still trending down. This cancelled out the signal and I did not enter.
6:15am 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 1.9635 with a stop at the most recent swing low at 1.9608. Since I was 15 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.9650.
Entry: Long at 1.9635
Stop: 1.9608
Initial Target: 1.9650
7:30am EDT- Unfortunately I was stopped out of my trade.
Trade Result: -27 pips; R-Multiple: -1.00
News events to watch for Monday :
- 4:30am EDT- GBP CPI
- 8:30am EDT- US Retail Sales; US PPI
