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: Tuesday, 07/29/08
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Main Trend
Current Trend= The trend remained up until 8am EST. From 4am - 8am EST, a new trend change candle formed and changed the trend from up to DOWN. After 8am EST, the trend remained down the rest of the day.
Today I only looked for long trades until 8am EST. After 8am EST, I only looked for short trades.
News events to watch for today :
- 10:00am EST- US Consumer Confidence
Today's Surf
1:15am 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 1.9935 with a stop at the most recent swing low at 1.9920. Since I was 15 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.9950.
Entry: Long at 1.9935
Stop: 1.9920
Initial Target: 1.9950
2:15am EST- My target was hit! Price didn't make a clean break of my target so I took my final profit.
5:30am 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 1.9950 with a stop at the most recent swing low at 1.9921. 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: 1.9921
Initial Target: 2.0000
6:00am EST- Unfortunately I was stopped out of my trade.
Trade Result: +15 -29= -14 (NOT INCLUDING SPREAD: R-Multiple: 1.00; -1.00
News events to watch for tomorrow :
- 8:15am EST- US ADP Nonfarm Employment Change
For a complete list of news events check out our News Section
