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, 03/31/08
If this is your first time visiting this blog, read this first!
Sorry I didn't have enough time to make a video dudes!
Main Trend
Current Trend= The trend remained down the entire day.
Today I only looked for short trades.
News events to watch for today :
Today's Surf
12:00am 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 1.9945 with a stop at the most recent swing high at 1.9968. Since I was 45 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.9900.
Entry: Short at 1.9945
Stop: 1.9968
Initial Target: 1.9900
1:45am EST- My target was hit. Price did not make a clean break so I took my final profit. I exited at 1.9902.
7:00am 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 1.9856 with a stop at the most recent swing high at 1.9905. Since I was only 6 pips away from the nearest 50 or 00 level (1.9850), I decided to go for the same amount of pips I was risking on the trade which in this case was 49. This put my initial target at 1.9807.
Entry: Short at 1.9856
Stop: 1.9905
Initial Target: 1.9807
10:00am EST- Unfortunately I was stopped out of my trade.
11:15am 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 1.9865 with a stop at the most recent swing high at 1.9943. Since I was 15 pips away from the nearest 50 or 00 level I decided to put my initial target at 1.9850.
Entry: Short at 1.9865
Stop: 1.9943
Initial Target: 1.9850
11:30am EST- My target was hit. Price did not make a clean break so I took my final profit. I exited at 1.9853.
Trade Result: +43 -49 +12= +6 pips; R-Multiple: 1.87; -1.00, 0.15
News events to watch for tomorrow :
- 4:30am EST- UK Manufacturing PMI
- 10:00am EST- US ISM Manufacturing Index
