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: Tuesday, 02/26/08
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
2:00am 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 1.9666 with a stop at the most recent swing low at 1.9641. Since I was 34 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.9700.
Entry: Long at 1.9666
Stop: 1.9641
Initial Target: 1.9700
4:15am EDT- My target was not hit by this time. I knew that news was coming out at 4:30am EDT, so I decided to close my trade out. I exited at 1.9668.
10:30am 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 1.9729 with a stop at the most recent swing low at 1.9715. Since I was 21 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.9750.
Entry: Long at 1.9729
Stop: 1.9715
Initial Target: 1.9750
11:15am EDT- Unfortunately I was stopped out of my trade.
12:00pm EDT- Note that there was a valid signal here and some of you might have taken it for a nice profit. According to my rules I don't enter signals after 12:00pm EDT so I decided to stay out of this one. Unfortunately for me, I missed a nice trade here!
Trade Result: +2 -14= -12 pips; R-Multiple: 0.08; -1.00
News events to watch for tomorrow :
- 4:30am EDT- GBP GDP
- 8:30am EDT- US Durable Goods
- 10:00am EDT- US New Home Sales
