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: Friday, 06/27/08
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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 Current Account, GDP
- 8:30am EST- US Core PCE Price Index, Personal Spending, Personal Income
Today's Surf
12:30am 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 1.9871 with a stop at the most recent swing low at 1.9857. Since I was 29 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.9900.
Entry: Long at 1.9871
Stop: 1.9857
Initial Target: 1.9900am 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.
2:30am EST- Unfortunately I was stopped out of my trade.
4:30am EST- This was a news candle so there was no entry.
7:30am EST- There was a moving average crossover for a long trade. However, MACD was already positive and it was too close to a news candle. Because of this, I did not enter.
9:45am 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 1.9878 with a stop at the most recent swing low at 1.9854. Since I was 22 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.9900.
10:15am EST- My target was hit. Price made a clean break so I moved my stop to 1.9900 and set my next target for 1.9950.
11:30am EST- I got really close to 1.9950 but the price didn't hit. Since I was close, I manually exited my trade. I got out at 1.9947.
Trade Result: -14 +69= +55 pips: R-Multiple: -1.00; 2.29
News events to watch for Monday :
- 9:45am EST- US Chicago PMI
For a complete list of news events check out our News Section
