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, 05/07/08
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 :
- 4:30am EST- UK Industrial Production
- 8:30am EST- US Non Farm Productivity Q/Q
- 10:00am EST- US Pending Home Sales
Today's Surf
1:45am 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 1.9683 with a stop at the most recent swing high at 1.9711. Since I was 33 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.9650.
Entry: Short at 1.9683
Stop: 1.9711
Initial Target: 1.9650
2:45am EST- My target was hit. Price made a clean break so I moved my stop to 1.9650 and set my next target for 1.9600.
3:15am EST- My 2nd target was hit. This time, price did not make a clean break so I took my final profit. I exited at 1.9605.
Trade Result: +78 pips : R-Multiple: 2.78
News events to watch for tomorrow :
- 7:00am EST- UK Official Bank Rate
- 8:30am EST- ECB Press Conference
