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, 06/09/08
Had a busy day of playing catch up on Friday and didn't get a chance to trade. I took a look at the charts though and it looks like you would've had a couple of small losers if you did trade. Don't be bummed dudes. Stay disciplined and you will be rewarded!
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Main Trend
Current Trend= The trend remained up the entire day
Today I only looked long short trades.
News events to watch for today :
- 4:30am EST- UK PPI Input
Today's Surf
12:15am 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 1.9689 with a stop at the most recent swing low at 1.9670. Since I was only 11 pips away from the nearest 50 or 00 level, I decided to go for the same amount of pips I was risking on the trade, which in this case was 19. This put my initial target at 1.9708.
Entry: Long at 1.9689
Stop: 1.9670
Initial Target: 1.9708
3:00am EST- My target was hit. Price made a clean break of my target so I moved my stop to 1.9708 and set my next target for 1.9750.
3:15am EST- Unfortunately I was stopped out at 1.9708.
Trade Result: +19 pips (THIS DOESN'T INCLUDE SPREAD): R-Multiple: 1.00
News events to watch for tomorrow :
- 4:30am EST- UK Industrial Production
- 7:00am EST- BOE Governor King Speaks
- 8:30am EST- US Trade Balance
For a complete list of news events check out our News Section
