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, 04/09/08
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 the time. Unfortunately trading is not the only thing in my life :)
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 Industrial Production
- 9:30am EST- US Fed Chairman, Bernanke speaks
Today's Surf
6:15am 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 1.9681 with a stop at the most recent swing high at 1.9724. Since I was 31 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.9650.
Entry: Short at 1.9681
Stop: 1.9724
Initial Target: 1.9650
7:45am EST- Unfortunately I was stopped out of my trade. Yikes!
Trade Result: -43 pips: R-Multiple: -1.00
News events to watch for tomorrow :
- 7:00am EST- BOE Interest Rate Statement
- 8:30am EST- US Trade Balance; Unemployment Claims
