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, 04/01/08
If this is your first time visiting this blog, read this first!
APRIL FOOLS!
You didn't really think I was going to miss out on all the bodacious waves we're going to catch did you?!
Main Trend
Current Trend= The trend remained down the entire day.
Today I only looked for short trades.
News events to watch for today :
- 4:30am EST- UK Manufacturing PMI
- 10:00am EST- US ISM Manufacturing Index
Today's Surf
1:15am 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 1.9827 with a stop at the most recent swing high at 1.9840. Since I was 27 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.9800.
Entry: Short at 1.9827
Stop: 1.9840
Initial Target: 1.9800
1:30am EST- My target was hit. Price made a clean break so I moved my stop to 1.9800 and set my next target for 1.9750.
1:45am EST- Unfortunately I got stopped out at 1.9800.
9:15am EST- There was a valid signal here but it was close to a news report (ISM index) so I did not enter.
Trade Result: +27 pips; R-Multiple: 2.07
News events to watch for tomorrow :
- 8:15am EST- ADP Nonfarm Employment Change
- 9:30am EST- Fed Chairman Ben Bernanke Speaks
