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, 08/04/08
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 down the entire day.
Today I only looked for short trades
News events to watch for today :
- None
Today's Surf
12:15, 12:45am EST- There was a moving average crossover for a short trade but MACD was already negative so there was no entry.
10:45am 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 1.9653 with a stop at the most recent swing high at 1.9716. Since I was only 3 pips away from the nearest 50 or 00 level (1.9650), I decided to go for the same amount of pips I was risking on the trade, which in this case was 63. This put my initial target at 1.9590.
Entry: Short at 1.9653
Stop: 1.9716
Initial Target: 1.9590
2:15am EST- My target wasn't hit by this time and I had to end my trading day so I went ahead and took my profit and exited at 1.9621.
Trade Result: +32 (NOT INCLUDING SPREAD: R-Multiple: 0.50
News events to watch for tomorrow :
- Tentative- UK Halifax HPI
- 4:30am EST- UK Manufacturing Production, Services PMI
- 10:00am EST- US ISM Non Manufacturing Index
- 2:15pm EST- US FOMC Statement
For a complete list of news events check out our News Section
