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, 03/06/08
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 :
- 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
Today's Surf
12:15am 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 1.9912 with a stop at the most recent swing low at 1.9901. Since I was 38 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.9950.
Entry: Long at 1.9912
Stop: 1.9901
Initial Target: 1.9950
2:45am EDT- My target was not hit by this time, and I knew that the Halifax House Price Index was coming out at 3:00am EDT. I exited my trade before the news and got out at 1.9922.
6:45am EDT- There was a good signal here which would've netted alot of pips, but because it was right before the BOE Interest Rate Statement, I did not enter.
Trade Result: +10 pips; R-Multiple: 0.91
News events to watch for tomorrow :
- 8:30am EDT- US Non Farm Employment Change
