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, 03/18/08
If this is your first time visiting this blog, read this first!
Still no voice...so sorry...still no video :(
Main Trend
Current Trend= The trend remained down the entire day.
Today I only looked for short trades.
News events to watch for today :
- 5:30am EST- UK CPI
- 8:30am EST- US PPI
Today's Surf
1:30am EST- 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 2.0010 with a stop at the most recent swing high at 2.0044. Since I was only 10 pips away from the nearest 50 or 00 level (2.0000), I decided to go for the same amount of pips I was risking on the trade, which in this case was 34. This put my initial target at 1.9976.
Entry: Short at 2.0010
Stop: 2.0044
Initial Target: 1.9976
3:15am EST- Unfortunately I was stopped out of my trade.
Trade Result: -34 pips; R-Multiple: -1.00
News events to watch for tomorrow :
- 5:30am EST- UK MPC Meeting Minutes
