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, 07/31/08
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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 :
- 2:00am EST- UK Nationwide HPI
- 8:30am EST- US Advance GDP
Today's Surf
1:30am EST- There was a valid signal here but because it was close to a news report, I did not enter.
4:00am EST- There was a moving average crossover for a short trade. RSI was less than 50, stochastics were trending down, and MACD was positive and losing value. This was a valid entry. The entry was at the close of the candle at 1.9804 with a stop at the most recent swing high at 1.9832. Since I was only 4 pips away from the nearest 50 or 00 level (1.9800), I decided to go for the same amount of pips I was risking on the trade, which in this case was 28. This put my initial target at 1.9776.
Entry: Short at 1.9804
Stop: 1.9832
Initial Target: 1.9776
8:15am EST- My target wasn't hit by this time and I knew that news was coming out at 8:30am EST. Because of this I closed my trade. I exited out at 1.9787.
10:45am 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 1.9926. Since I was only 9 pips away from the nearest 50 or 00 level (1.9800), I decided to go for the same amount of pips I was risking on the trade, which in this case was 117. This put my initial target at 1.9602.
Entry: Short at 1.9809
Stop: 1.9926
Initial Target: 1.9602
2:15am EST- Unfortunately my target wasn't hit by this time. Market volume was low and I had to finish for the day so I went ahead and closed my trade out at 1.9824.
Trade Result: +17 -15= +2 (NOT INCLUDING SPREAD: R-Multiple: 0.60; -0.12
News events to watch for tomorrow :
- 4:30am EST- UK Manufacturing PMI
- 8:30am EST- US Non Farm Employment
- 10:00am EST- US ISM Manufacturing Index
For a complete list of news events check out our News Section
