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: Friday, 03/07/08
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 Non Farm Employment Change
Today's Surf
3:45am EDT- There was a moving average crossover for a long trade. RSI was greater than 50, MACD was negative and gaining value, but stochastics were not trending up. This cancelled out the signal and I did not enter.
6:15am 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 2.0132 with a stop at the most recent swing low at 2.0115. Since I was 18 pips away from the nearest 50 or 00 level, I decided to put my initial target at 2.0150.
Entry: Long at 2.0132
Stop: 2.0115
Initial Target: 2.0150
8:00am EDT- My target was hit. Price made a clean break so I moved my stop to 2.0150 and set my next target for 2.0200.
8:15am EDT- My 2nd target was not hit by this time and I knew that NFP was coming out at 8:30am EDT. I went ahead and closed my trade at 2.0181.
Trade Result: +49 pips; R-Multiple: 2.88
