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, 04/22/08
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 :
- 10:00am EST- US Existing Home Sales
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 1.9791 with a stop at the most recent swing high at 1.9822. Since I was 41 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.9750.
Entry: Short at 1.9791
Stop: 1.9822
Initial Target: 1.9750
2:30am EST- My target was hit. Price didn't make enough of a clean break for me to continue on, so I took my final profit. I exited at 1.9749.
Trade Result: +42 pips : R-Multiple: 1.35
News events to watch for tomorrow :
- 4:30am EST- MPC Meeting Minutes
