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: Thursday, 05/15/08
If you haven't done so already , go check out BabyPips' newest creation, FreshPips.com !
Freshpips.com delivers to your e-door step the most relevant Forex news and research on the Web. The stories you see on FreshPips are submitted by site members – you and your fellow Forex traders. You then decide what's “fresh” and what, well, sucks. Top honors – submissions placed on the main page – are given to the stories deemed fresh by the FreshPips.com community as a whole.
Check it out, register, and start submitting cool Forex stories today!
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 :
- 8:30am EST- US Empire State Business Index
- 9:00am EST- US TIC Data
- 9:30am EST- Bernanke Speaks
- 10:00am EST- US Philadelphia Fed Index
Today's Surf
3:00am 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 1.9456 with a stop at the most recent swing high at 1.9487. Since I was only 6 pips away from the nearest 50 or 00 level (1.9450), I decided to go for the same amount of pips I was risking on the trade, which in this case was 31. This put my initial target at 1.9425.
Entry: Short at 1.9456
Stop: 1.9487
Initial Target: 1.9425
3:30am EST- Unfortunately I was stopped out of my trade.
4:15am 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 1.9461 with a stop at the most recent swing high at 1.9500. Since I was only 11 pips away from the nearest 50 or 00 level (1.9450), I decided to go for the same amount of pips I was risking on the trade, which in this case was 39. This put my initial target at 1.9422.
Entry: Short at 1.9461
Stop: 1.9500
Initial Target: 1.9422
7:15pm EST- My target was hit. Price didn't make a clean break of my target so I took my final profit. I exited at 1.9423.
Trade Result: -31 +38= +7 pips : R-Multiple: -1.00; 0.97
News events to watch for tomorrow :
- 8:30am EST- US Housing Starts
- 10:00am EST- US Consumer Sentiment
For a complete list of news events check out our News Section
