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: Monday, 05/05/08
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 :
Today's Surf
4:00am 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 1.9755 with a stop at the most recent swing high at 1.9783. Since I was only 5 pips away from the nearest 50 or 00 level (1.9750), I decided to go for the same amount of pips I was risking on the trade, which in this case was 28 pips. This put my initial target at 1.9727.
Entry: Short at 1.9755
Stop: 1.9783
Initial Target: 1.9727
4:30am EST- My target was hit. Price did not make a clean break of my target so I took my final profit. I exited at 1.9730.
Trade Result: +25 pips : R-Multiple: 0.89
News events to watch for tomorrow :
- 4:30am EST- UK Services PMI
