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, 02/28/08
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.
News events to watch for today :
- 8:30am EDT- US Preliminary GDP Annualized
Today's Surf
4:15am 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 1.9813 with a stop at the most recent swing low at 1.9761. Since I was 37 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.9850.
Entry: Long at 1.9813
Stop: 1.9761
Initial Target: 1.9850
7:45am EDT- My target was hit! Price did make a slightly clean break, but I was lazy and just took my final profit. From now on I think if the price doesn't make a clean break of my target by at least 5 pips, I will just go ahead and take my final profit at whatever the candle closes at. It just saves me some clicking :)
Trade Result: +37 pips; R-Multiple: 0.71
News events to watch for tomorrow :
- 2:00am EDT- GBP Nationwide House Prices
- 4:30am EDT- GBP Net Lending to Individuals
- 8:30am EDT- US Core PCE Price Index, Personal Spending
- 9:45am EDT- US Chicago PMI
- 10:00am EDT- US Consumer Sentiment
