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: Monday, 10/06/08
If you haven't done so already , go check out BabyPips' newest creation, FreshPips.com !
Freshpips.com delivers to your e-door step the most relevant Forex news and research on the Web. The stories you see on FreshPips are submitted by site members – you and your fellow Forex traders. You then decide what's “fresh” and what, well, sucks. Top honors – submissions placed on the main page – are given to the stories deemed fresh by the FreshPips.com community as a whole.
Check it out, register, and start submitting cool Forex stories today!
If this is your first time visiting this blog, read this first!
Main Trend
Current Trend= The trend remained down the entire day.
Today I only looked for short trades
News events to watch for today :
- None
Today's Surf
7:00am 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 1.7573 with a stop at the most recent swing high at 1.7606. Since I was 23 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.7550.
Entry: Short at 1.7573
Stop: 1.7606
Initial Target: 1.7550
7:45am EST- Unfortunately I was stopped out of my trade.
9:00am 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 1.7560 with a stop at the most recent swing high at 1.7648. Since I was only 10 pips away from the nearest 50 or 00 level (1.7550), I decided to go for the same amount of pips I was risking on the trade, which in this case was 88. This put my initial target at 1.7472
Entry: Short at 1.7560
Stop: 1.7648
Initial Target: 1.7472
10:00am EST- My target was hit at 1.7472 and made a clean break. I trailed my stop to 1.7472 and set my next target for 1.7450. Still within this candle, my target at 1.7450 was hit, so I trailed my stop to that level and set my next target for 1.7400.
10:15am EST- My target at 1.7400 was hit and price made a clean break. I trailed my stop to 1.7400 and set my next target for 1.7350. Still within this candle, my target at 1.7350 was hit, but this time did not make a clean break. I manually exited my trade and was able to get out at 1.7360.
Trade Result: -33 +200= +167 pips (NOT INCLUDING SPREAD) R-Multiple: -1.00; 2.27
News events to watch for tomorrow :
- 4:30am EST- UK Manufacturing Production
- 1:15pm EST- Bernanke Speaks
- 2:00pm EST- FOMC Meeting Minutes
For a complete list of news events check out our News Section
I should have checked the video before posting.
Glad you're feeling better.