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, 03/05/08
If this is your first time visiting this blog, read this first!
Main Trend
Current Trend= The trend remained down until 11am EDT. From 7am EDT - 11am EDT, a new trend change candle formed and changed the trend from down to UP. After 11am EDT, the trend remained up the rest of the day.
Today I only looked for short trades until 11am EDT. After 11am EDT, I only looked for long trades.
News events to watch for today :
- 4:30am EDT- GBP Services PMI
- 8:15am EDT- ADP Non Farm Employment Change
- 8:30am EDT- US Nonfarm productivity
- 10:00am EDT- US ISM Non-Manufacturing Composite
- 2:00pm EDT- US Beige Book
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 was positive and losing value. This was a valid entry. The entry was at the close of the candle at 1.9834 with a stop at the most recent swing high at 1.9850. Since I was 34 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.9800.
Entry: Short at 1.9834
Stop: 1.9850
Initial Target: 1.9800
1:15am EDT- Unfortunately I was stopped out of my trade.
2:00am 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 1.9815 with a stop at the most recent swing high at 1.9852. Since I was only 15 pips away from the nearest 50 or 00 level (9800), I decided to go for the same amount of pips I was risking on the trade, which in this case was 37. This put my initial target at 1.9778.
Entry: Short at 1.9815
Stop: 1.9852
Initial Target: 1.9778
2:15am EDT- My target was hit. Price did not make a clean break so I took my final profit. I was able to exit at 1.9780.
7:45am EDT- There was a valid signal here but because it was close to a news event at 8:15am EDT, I did not take the trade.
Trade Result: -16 +35= +19 pips; R-Multiple: -1.00; 0.94
News events to watch for tomorrow :
- 3:00am EDT- GBP Halifax House Price Index
- 7:00am EDT- BOE Interest Rate Statement
- 8:30am EDT- US Unemployment Claims
- 10:00am EDT- US Pending Home Sales
