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, 09/23/08
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Main Trend
Current Trend= The trend remained up the entire day.
Today I only looked for long trades.
News events to watch for today :
- None
Today's Surf
12:15am EST- There was a moving average crossover for a long trade. RSI was greater than 50, stochastics were trending up, and MACD was negative and gaining value. This was a valid entry. The entry was at the close of the candle at 1.8556 with a stop at the most recent swing low at 1.8529. Since I was 44 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.8600.
Entry: Long at 1.8556
Stop: 1.8529
Initial Target: 1.8600
2:45am EST- Unfortunately I was stopped out of my trade.
5:30am EST- There was a moving average crossover for a long trade. RSI was greater than 50, stochastics were trending up, and MACD went from negative to positive. This was a valid entry. The entry was at the close of the candle at 1.8569 with a stop at the most recent swing low at 1.8483. Since I was 31 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.8600.
Entry: Long at 1.8569
Stop: 1.8483
Initial Target: 1.8600
5:45am EST- My target was hit. Price did not make a clean break of my target so I took my final profit. I exited at 1.8600.
11:00am EST- There was a moving average crossover for a long trade. RSI was greater than 50, stochastics were trending up, and MACD went from negative to positive. This was a valid entry. The entry was at the close of the candle at 1.8583 with a stop at the most recent swing low at 1.8487. Since I was 17 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.8600.
Entry: Long at 1.8583
Stop: 1.8487
Initial Target: 1.8600
1:00pm EST- Unfortunately I was stopped out of my trade.
Trade Result: -27 +31 -96= -92 pips R-Multiple: -1.00; 0.36; -1.00
News events to watch for tomorrow :
- 6:00am EST- UK CBI Realized Sales
- 10:00am EST- US Existing Home Sales; Bernanke Speaks
For a complete list of news events check out our News Section
