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: Thursday, 01/17/08
If this is your first time visiting this blog, read this first!
Main Trend
Current Trend= The trend remained up the entire day.
Today I only looked for long trades.
Today's Surf
12:00am EDT- There was a moving average crossover for a long trade. RSI was greater than 50, stochastics were trending up, and MACD went from negative to positive. This was a valid entry. The entry was at the close of the candle at 1.9634 with a stop at the most recent swing low at 1.9604. Since I was 16 pips away from the nearest 50 or 00 level, I decided to set my initial target at 1.9650.
Entry: Long at 1.9634
Stop: 1.9604
Initial Target: 1.9650
3:15am EDT- I came real close to getting stopped out. My feed said I got down to 9605 (1 pip away from my loss).
3:30am EDT- My first target was hit. Price made a clean break so I moved my stop to 1.9650 and set my next target for 1.9700.
4:15am EDT- My 2nd target was hit. Price made a clean break so I moved my stop to 1.9700 and set my next target for 1.9750.
4:30am EDT- Unfortunately I was stopped out at 1.9700.
7:45am EDT- There was a valid signal here but I chose not to take it because it was US Housing Starts and Building Permits were about to be released at 8:30am EDT.
Trade Result: +66 pips; R-Multiple: 2.20
News events to watch for Monday :
- 4:30am EDT- UK Retail Sales
- 10:00am EDT- US Consumer Sentiment
