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, 08/12/08
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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 CPI
- 8:30am EST- US Trade Balance
Today's Surf
4:45am 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 1.8978 with a stop at the most recent swing high at 1.9083. Since I was 28 pips away from the nearest 50 or 00 level, I put my initial target at 1.8950.
Entry: Short at 1.8978
Stop: 1.9083
Initial Target: 1.8950
8:15am EST- My target wasn't hit by this time and I knew that news was coming out at 8:30am EST, so I closed my trade. I exited out at 1.9010.
10:30am 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 1.9017 with a stop at the most recent swing high at 1.9068. Since I was 17 pips away from the nearest 50 or 00 level, I put my initial target at 1.9000.
Entry: Short at 1.9017
Stop: 1.9068
Initial Target: 1.9000
11:00am EST- My target was hit! Price made a clean break of my target so I moved my stop to 1.9000 and set my next target for 1.8950.
11:15am EST- Unfortunately I was stopped out at 1.9000.
Trade Result: -32 +17= -15 pips (NOT INCLUDING SPREAD!) R-Multiple: -0.30; 0.33
News events to watch for tomorrow :
- 4:30am EST- UK Claimant Count
- 5:30am EST- BOE Inflation Report
- 8:30am EST- US Retail Sales
For a complete list of news events check out our News Section
