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, 05/13/08
Due to technical difficulties yesterday, I did not get a chance to trade. Thankfully I was back in the markets today.
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Main Trend
Current Trend= The trend remained up until 4am EST. From 4am - 8am EST, a new trend change candle formed and changed the trend from up to DOWN. After 8am EST, the trend remained down the rest of the day.
Today I only looked for long trades until 4am EST. After 4am EST, I only looked for short trrades.
News events to watch for today :
- 4:30am EST- UK CPI
- 8:30am EST- Bernanke Speaks, US Retail Sales
Today's Surf
1:15am EST- There was a moving average crossover for a long trade. However, stochastics were trending down which cancelled out the signal. There was no entry.
4:45am 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 1.9488 with a stop at the most recent swing high at 1.9586. Since I was 38 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.9450.
Entry: Short at 1.9488
Stop: 1.9586
Initial Target: 1.9450
8:15am EST- My target wasn't hit by this time and I knew that news was coming out at 8:30 so I went ahead and closed out my trade. I exited at 1.9470.
Trade Result: +18 pips : R-Multiple: 0.18
News events to watch for Monday :
- 4:30am EST- UK Claimant Count Change
- 5:30am EST- BOE Inflation Report
- 8:30am EST- US CPI
For a complete list of news events check out our News Section
