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, 06/26/08
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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 :
- 4:45am EST- MPC Treasury Committee Hearings
- 8:30am EST- US Existing Home Sales
Today's Surf
3:45am EST- There was a moving average crossover for a long trade. RSI was greater than 50, stochastics were trending up, and MACD was negative and gaining value. This was a valid entry. The entry was at the close of the candle at 1.9741 with a stop at the most recent swing low at 1.9712. Since I was only 9 pips away from the nearest 50 or 00 level (1.9750), I decided to go for the same amount of pips I was risking on the trade, which in this case was 29. This put my initial target at 1.9770.
Entry: Long at 1.9741
Stop: 1.9712
Initial Target: 1.9770
4:00am EST- My target was hit. Price did not make a clean break of my target, so I took my final profit. I exited at 1.9768.
Trade Result: +27 pips: R-Multiple: 0.93
News events to watch for Tomorrow :
- 4:30am EST- UK Current Account, GDP
- 8:30am EST- US Core PCE Price Index, Personal Spending, Personal Income
For a complete list of news events check out our News Section
