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, 09/02/08
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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 :
- 10:00am EST- US ISM Index
Today's Surf
1:45am 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 1.7895 with a stop at the most recent swing high at 1.7936. Since I was 45 pips away from the nearest 50 or 00 level I decided to put my initial target at 1.7850.
Entry: Short at 1.7895
Stop: 1.7936
Initial Target: 1.7850
4:15am EST- My target was hit. Price did not make a clean break so I took my final profit. I exited at 1.7853
8:45am 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 1.7789 with a stop at the most recent swing high at 1.7856. Since I was 39 pips away from the nearest 50 or 00 level I decided to put my initial target at 1.7750.
Entry: Short at 1.7789
Stop: 1.7856
Initial Target: 1.7750
9:45am EST- My target was not hit by this time. Since news was coming out at 10:00am EST, I went ahead and cut my losses and exited my trade. I got out at 1.7827.
Trade Result: +42 -38= +4 pips(NOT INCLUDING SPREAD) R-Multiple: 1.02; -0.56
News events to watch for tomorrow :
- 4:30am EST- UK Services PMI
- 10:00am EST- US Factory Orders
For a complete list of news events check out our News Section
