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, 08/06/08
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
2:00am 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 1.9551 with a stop at the most recent swing high at 1.9578. Since I was only 1 pip waway from the nearest 50 or 00 level (1.9550), I decided to go for the same amount of pips I was risking on the trade, which in this case was 27. This put my initial target at 1.9524.
Entry: Short at 1.9551
Stop: 1.9578
Initial Target: 1.9524
2:30am EST- Unfortunately I was stopped out of my trade.
3:30am EST- There was a moving average crossover for a short trade. However, MACD was already negative so it cancelled out the signal. No entry!
Trade Result: -27 pips (NOT INCLUDING SPREAD!) R-Multiple: -1.00
News events to watch for tomorrow :
- 4:30am EST- UK Halifax HPI
- 7:00am EST- UK Official Bank Rate
- 8:30am EST- US Unemployment Claims
- 10:00am EST- US Pending Home Sales
For a complete list of news events check out our News Section
