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, 04/11/08
If this is your first time visiting this blog, read this first!
Main Trend
Current Trend= The trend remained down the entire day.
Today I only looked for short trades.
News events to watch for today :
- None
Today's Surf
12:45am EST- There was almost a signal here but MACD was already negative so it cancelled it out. No entry!
5:15am 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 1.9734 with a stop at the most recent swing high at 1.9766. Since I was 34 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.9700.
Entry: Short at 1.9734
Stop: 1.9766
Initial Target: 1.9700
8:45am EST- My target was hit. Price did not make a clean break so I took my final profit. I managed to exit right at 1.9700 where the candle closed.
Trade Result: +34 pips: R-Multiple: 1.06
News events to watch for Monday :
- 4:30am EST- UK PPI Input
- 8:30am EST- US Retail Sales
