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, 08/14/08
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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 :
- 8:30am EST- US CPI
Today's Surf
12:30am 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 1.8656 with a stop at the most recent swing high at 1.8682. Since I was only 6 pips away from the nearest 50 or 00 level (1.8650), I decided to go for the same amount of pips I was risking on the trade, which in this case was 26. This put my initial target at 1.8630.
Entry: Short at 1.8656
Stop: 1.9682
Initial Target: 1.8630
1:00am EST- Unfortunately I was stopped out of my trade.
1:30am 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 1.8659 with a stop at the most recent swing high at 1.8683. Since I was only 9 pips away from the nearest 50 or 00 level (1.8650), I decided to go for the same amount of pips I was risking on the trade, which in this case was 24. This put my initial target at 1.8635.
Entry: Short at 1.8659
Stop: 1.8683
Initial Target: 1.8635
2:00am EST- Unfortunately I was stopped out of my trade.
9:15am 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 1.8716 with a stop at the most recent swing high at 1.8784. Since I was 16 pips away from the nearest 50 or 00 level, I decided to put my target at 1.8700.
Entry: Short at 1.8716
Stop: 1.8784
Initial Target: 1.8700
9:30am EST- My target was hit. Price did not make a clean break so I took my final profit. I exited at 1.8702.
11:30am EST- There was a moving average crossover for a short trade, but MACD was already negative. This cancelled the signal and I did not enter.
Trade Result: -26 -24 +14= -36 pips (NOT INCLUDING SPREAD!) R-Multiple: -1.00; -1.00; 0.20
News events to watch for tomorrow :
- 8:30am EST- US TIC Data
For a complete list of news events check out our News Section
