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, 05/22/08
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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 :
- 4:30am EST- UK Retail Sales
- 8:30am EST- US Unemployment Rate
Today's Surf
2:45am 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 1.9734 with a stop at the most recent swing low at 1.9697. Since I was 16 pips away from the nearest 50 or 00 level, I decided to put my target at 1.9750.
Entry: Long at 1.9734
Stop: 1.9697
Initial Target: 1.9750
3:00am EST- My target is hit. Price did not make a clean break so I took my final profit. I managed to get out at 1.9745.
4:30am EST- There was a signal here but because it was a news candle, I did not enter.
Trade Result: +11 pips : R-Multiple: 0.29
News events to watch for Monday :
- 4:30am EST- UK Revised GDP
- 10:00am EST- US Existing Home Sales
For a complete list of news events check out our News Section
