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: Monday, 03/10/08
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 :
- 5:30am EDT- UK Industrial Production, PPI Input
Today's Surf
12:30am 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 2.0195 with a stop at the most recent swing low at 2.0178. Since I was only 5 pips away from the nearest 50 or 00 level (2.0200), I decided to go for the same amount of pips I was risking on the trade, which in this case was 17. This put my initial target at 2.0212.
Entry: Long at 2.0195
Stop: 2.0178
Initial Target: 2.0212
5:15am EDT- There was a valid signal here but because it was right before news, I did not enter.
Trade Result: -17 pips; R-Multiple: -1.00
News events to watch for tomorrow :
- 8:30am EDT- US Trade Balance
