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: Friday, 04/04/08
If this is your first time visiting this blog, read this first!
Sorry dudes. No video today! I promise I'll put one up when I have some time!
Main Trend
Current Trend= The trend remained up the entire day.
Today I only looked for long trades.
News events to watch for today :
- 8:30am EST- US Nonfarm Employment Change
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 1.9949 with a stop at the most recent swing low at 1.9926. Since I was only 1 pip away from the nearest 50 or 00 level (1.9950), I decided to go for the same amount of pips I was risking on the trade, which in this case was 23. This put my initial target at 1.9972.
Entry: Long at 1.9949
Stop: 1.9926
Initial Target: 1.9972
3:15am EST- My target was hit. Price did not make a clean break of my target so I took my final profit. I was able to exit right at 1.9972.
7:30am EST- There was no signal here because stochastics were trending down.
8:00am EST- I did not enter because it was right before the NFP report.
Trade Result: +23 pips; R-Multiple: 1.00
News events to watch for tomorrow :
- None
