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, 6/30/08
If you haven't done so already , go check out BabyPips' newest creation, FreshPips.com !
Freshpips.com delivers to your e-door step the most relevant Forex news and research on the Web. The stories you see on FreshPips are submitted by site members – you and your fellow Forex traders. You then decide what's “fresh” and what, well, sucks. Top honors – submissions placed on the main page – are given to the stories deemed fresh by the FreshPips.com community as a whole.
Check it out, register, and start submitting cool Forex stories today!
If this is your first time visiting this blog, read this first!
Main Trend
Current Trend= The trend remained up the entire day.
Today I only looked for long trades.
News events to watch for today :
- 9:45am EST- US Chicago PMI
Today's Surf
1:00am 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 1.9936 with a stop at the most recent swing low at 1.9923. Since I was 14 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.9950.
Entry: Long at 1.9936
Stop: 1.9923
Initial Target: 1.9950
2:45am EST- My target was hit. Price did not make a clean break of my target, so I took my final profit. I exited at 1.9950.
5:45am 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 1.9950 with a stop at the most recent swing low at 1.9925. Since I was 50 pips away from the nearest 50 or 00 level, I decided to put my initial target at 2.0000.
Entry: Long at 1.9950
Stop: 1.9925
Initial Target: 2.0000
6:30am EST- Unfortunately I was stopped out of my trade.
8:45am 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 1.9933 with a stop at the most recent swing low at 1.9889. Since I was 17 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.9950.
Entry: Long at 1.9933
Stop: 1.9889
Initial Target: 1.9950
9:30am EST- My target wasn't hit by this time so I closed my trade before the news. I exited at 1.9936.
Trade Result: +14 -25 +3= -8 pips (NOT INCLUDING SPREAD: R-Multiple: 1.07; -1.00; 0.06
News events to watch for tomorrow :
- 2:00am EST- UK Nationwide House Prices
- 4:30am EST- UK Manufacturing PMI
- 10:00am EST- US ISM Manufacturing Index
For a complete list of news events check out our News Section
