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: Wednesday, 03/19/08
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 :
- 5:30am EST- UK MPC Meeting Minutes
Today's Surf
1:00am 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 2.0080 with a stop at the most recent swing high at 2.0123. Since I was 30 pips away from the nearest 50 or 00 level, I decided to put my initial target at 2.0050.
Entry: Short at 2.0080
Stop: 2.0123
Initial Target: 2.0050
3:15am EST- Unfortunately I was stopped out of my trade.
4:45am EST- There was a valid signal here but because it was close to an important news report I did not enter.
Trade Result: -43 pips; R-Multiple: -1.00
News events to watch for tomorrow :
- 5:30am EST- UK Retail Sales
- 10:00am EST- US Philadelphia Fed Index
