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, 05/19/08
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Main Trend
Current Trend= The trend remained up the entire day.
Today I only looked for long trades.
News events to watch for today :
- None
Today's Surf
1:45am EST- There was a moving average crossover for a long trade. RSI was greater than 50, stochastics were trending up, and MACD went from negative to positive. This was a valid entry. The entry was at the close of the candle at 1.9573 with a stop at the most recent swing low at 1.9555. Since I was 27 pips away from the nearest 50 or 00 level, I decided to put my target at 1.9600.
Entry: Long at 1.9573
Stop: 1.9555
Initial Target: 1.9600
2:00am EST- Unfortunately I was stopped out of my trade.
4:00am EST- There was a moving average crossover for a long trade. RSI was greater than 50, stochastics were trending up, and MACD went from negative to positive. This was a valid entry. The entry was at the close of the candle at 1.9591 with a stop at the most recent swing low at 1.9539. Since I was only 9 pips away from the nearest 50 or 00 level (1.9600), I decided to go for the same amount of pips I was risking on the trade, which in this case was 52. This put my target at 1.9643.
Entry: Long at 1.9591
Stop: 1.9539
Initial Target: 1.9643
8:00am EST- Unfortunately I was stopped out of my trade.
Trade Result: -18 -52= -70 pips : R-Multiple: -1.00; -1.00
News events to watch for Monday :
- 8:30am EST- US PPI
For a complete list of news events check out our News Section
