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, 3/25/08
If this is your first time visiting this blog, read this first!
I was in a rush today and did not have time to make a video update. Sorry dudes!
Main Trend
Current Trend= The trend remained up the entire day.
Today I only looked for long trades.
News events to watch for today :
- None
Today's Surf
1:00am EST- 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 1.9912 with a stop at the most recent swing low at 1.9889. Since I was 38 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.9950.
Entry: Long at 1.9912
Stop: 1.9889
Initial Target: 1.9950
8:45am EST- My target was hit. Price made a clean break of my target so I moved my s/l to 1.9950 and set my next target for 2.0000.
9:00am EST- Unfortunately I was stopped out at 1.9950.
Trade Result: +38 pips; R-Multiple: 1.65
News events to watch for tomorrow :
- 5:15am EST- MPC Treasury Committee Hearings
- 8:30am EST- US Durable Goods
- 10:00am EST- US New Home Sales
