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: Tuesday, 03/11/08
If this is your first time visiting this blog, read this first!
Main Trend
Current Trend= The trend remained down the entire day.
Today I only looked for short trades.
News events to watch for today :
- 8:30am EST- US Trade Balance
Today's Surf
1:00am EST- There was a moving average crossover for a short trade. RSI was less than 50, MACD was positive and losing value, but stochastics were not trending up. This cancelled out the signal and I did not enter.
2:45am EST- 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 2.0060 with a stop at the most recent swing high at 2.0090. Since I was only 10 pips away from the nearest 50 or 00 level (2.0050), I decided to go for the same amount of pips I was risking on the trade, which in this case was 30. This put my initial target at 2.0030.
Entry: Long at 2.0060
Stop: 2.0090
Initial Target: 2.0030
3:30am EST- Unfortunately I was stopped out of my trade.
Trade Result: -30 pips; R-Multiple: -1.00
News events to watch for tomorrow :
- 5:30am EST- UK Trade Balance
