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, 08/07/08
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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 :
- 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
Today's Surf
4:30am 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 1.9486 with a stop at the most recent swing high at 1.9514. Since I was 36 pips away from the nearest 50 or 00 level I decided to put my initial target at 1.9450.
Entry: Short at 1.9486
Stop: 1.9514
Initial Target: 1.9450
5:30am EST- Unfortunately I was stopped out of my trade.
8:30am EST- There was a good looking signal here but because it occurred on a news candle, it was an invalid trade. No entry!
Trade Result: -28 pips (NOT INCLUDING SPREAD!) R-Multiple: -1.00
News events to watch for tomorrow :
- 8:30am EST- US Prelim Nonfarm Productivity
For a complete list of news events check out our News Section
