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, 04/30/08
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 :
- 2:00am EST- UK Nationwide Houe Prices
- 8:15am EST- US ADP Nonfarm Employment Change
- 8:30am EST- US Advance GDP
Today's Surf
6:45am 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 1.9666 with a stop at the most recent swing high at 1.9694. Since I was 16 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.9650.
Entry: Short at 1.9666
Stop: 1.9694
Initial Target: 1.9650
8:00am EST- My target was not hit by this time. There was news coming up at 8:15am EST so I went ahead and cut my losses by exiting my trade. I closed out at 1.9672.
Trade Result: -6 pips : R-Multiple: -0.21
News events to watch for tomorrow :
- 4:30am EST- UK Manufacturing PMI
- 8:30am EST- US Personal Spending
- 10:00am EST- US ISM Manufacturing Index
