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, 08/05/08
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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 :
- 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
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 was positive and losing value. This was a valid entry. The entry was at the close of the candle at 1.9590 with a stop at the most recent swing high at 1.9605. Since I was 40 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.9550.
Entry: Short at 1.9590
Stop: 1.9605
Initial Target: 1.9550
3:45am EST- My target was hit. Price didn't make a clean break so I took my final profit at 1.9552.
5:45am EST- There was a moving average crossover for a short trade but MACD was gaining value so it cancelled out the signal. No entry.
6:30am 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 1.9550 with a stop at the most recent swing high at 1.9580. Since I was 50 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.9500.
Entry: Short at 1.9550
Stop: 1.9580
Initial Target: 1.9500
9:45am EST- My target wasn't hit by this time. I know news is coming out at 10:00am EST, so I decide to cut my loss and exit at 1.9562.
11:00am 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 1.9540 with a stop at the most recent swing high at 1.9568. Since I was 40 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.9500.
Entry: Short at 1.9540
Stop: 1.9568
Initial Target: 1.9500
9:45am EST- My target wasn't hit by this time. I know news is coming out at 10:00am EST, so I decide to take my profit at 1.9526.
Trade Result: +38 -12 +14 =+40 pips (NOT INCLUDING SPREAD!) R-Multiple: 2.53; -0.40; 0.50
News events to watch for tomorrow :
- 4:30am EST- UK Claimant Count Change
- 5:30am EST- BOE Inflation Report
- 8:30am EST- US Retail Sales
For a complete list of news events check out our News Section
