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, 09/17/08
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Main Trend
Current Trend= The trend remained down until 8am EST. From 4am - 8am EST, a new trend change candle formed and changed the trend from down to UP. After 8am EST, the trend remained up the rest of the day.
Today I only looked for short trades until 8am EST. After 8am EST, I only looked for long trades.
News events to watch for today :
- 4:30am EST- UK Claimant Count Change, MPC Meeting Minutes
- 8:30am EST- US Building Permits
Today's Surf
1:15am 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 1.7827 with a stop at the most recent swing high at 1.7870. Since I was 27 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.7800.
Entry: Short at 1.7827
Stop: 1.7870
Initial Target: 1.7800
2:00am EST- Unfortunately I was stopped out of my trade.
4:00am EST- There was a valid signal here but because it was right before news, I did not enter. No trade.
Trade Result: +43 pips (NOT INCLUDING SPREAD) R-Multiple: 0.89
News events to watch for tomorrow :
- 4:30am EST- UK Retail Sales
- 8:30am EST- US Unemployment Claims
- 10:00am EST- US Philadelphia Fed Index
For a complete list of news events check out our News Section
