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: Thursday, 04/17/08
If this is your first time visiting this blog, read this first!
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 Unemployment Claims
- 10:00am EST- US Philadelphia Fed Index
Today's Surf
1:00am EST- There was almost a signal here but MACD was already positive. This cancelled out the signal and I did not enter.
3:30am 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 1.9729 with a stop at the most recent swing low at 1.9690. Since I was 21 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.9750.
Entry: Long at 1.9729
Stop: 1.9690
Initial Target: 1.9750
4:45am EST- My target was hit. Price did not make a clean break of my target so I took my final profit. I exited at 1.9748.
Trade Result: +19 pips : R-Multiple: 0.48
News events to watch for tomorrow :
- None
