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: Wednesday, 07/30/08
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Main Trend
Current Trend= The trend remained down the entire day.
Today I only looked for short trades
News events to watch for today :
- 8:15am EST- US ADP Nonfarm Employment Change
Today's Surf
1:15am EST- There was a moving average crossover for a short trade. RSI was less than 50, stochastics were trending down, and MACD went from positive to negative. This was a valid entry. The entry was at the close of the candle at 1.9809 with a stop at the most recent swing high at 1.9816. Since I was only 9 pips away from the nearest 50 or 00 level, AND because I would only get 7 pips if I went for the same amount of pips I was risking, I decided to set my own target of about 15 pips. This put my target at 1.9794.
Entry: Short at 1.9809
Stop: 1.9816
Initial Target: 1.9794
1:45am EST- My target was hit! Price made a big break of my target so I moved my stop to lock in 30 pips at 1.9779 and set my next target for 1.9750.
2:00am EST- Unfortunately I was stopped out at 1.9779.
6:00am EST- There was a moving average crossover for a short trade. RSI was less than 50, stochastics were trending down, and MACD went from positive to negative. This was a valid entry. The entry was at the close of the candle at 1.9800 with a stop at the most recent swing high at 1.9840. Since I was 50 pips away from the nearest 50 or 00 level, I decided to put my target at 1.9750.
Entry: Short at 1.9800
Stop: 1.9840
Initial Target: 1.9750
8:00am EST- Unfortunately my target wasn't hit by this time. Since news was coming out at 8:15am EST, I decided to close out my trade. I exited at 1.9810.
Trade Result: +30 -10= +20 (NOT INCLUDING SPREAD: R-Multiple: 4.28; -0.25
News events to watch for tomorrow :
- 2:00am EST- UK Nationwide HPI
- 8:30am EST- US Advance GDP
For a complete list of news events check out our News Section
