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, 10/09/08
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 :
- 4:00am EST- UK Halifax HPI
- 4:30am EST- UK Trade Balance
- 8:30am EST- US Unemployment Claims
Today's Surf
12:45am 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 1.7261 with a stop at the most recent swing high at 1.7310. Since I was only 11 pips away from the nearest 50 or 00 level (1.7250), I decided to go for the same amount of pips in the trade, which in this case was about 50 pips. This put my initial target at 1.7211.
Entry: Short at 1.7261
Stop: 1.7310
Initial Target: 1.7211
1:00am EST- My target was hit. Price did not make a clean break of my target so I took my final profit. I exited at 1.7222.
6:45am 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 1.7298 with a stop at the most recent swing high at 1.7377. Since I was 48 pips away from the nearest 50 or 00 level, I put my initial target at 1.7250.
Entry: Short at 1.7298
Stop: 1.7377
Initial Target: 1.7250
8:15am EST- My target wasn't hit by this time. I knew that news was coming out 8:30am EST so I manually closed my trade. I got out at 1.7340.
10:15am 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 1.7277 with a stop at the most recent swing high at 1.7395. Since I was 27 pips away from the nearest 50 or 00 level, I set my initial target at 1.7250.
Entry: Short at 1.7277
Stop: 1.7395
Initial Target: 1.7250
10:30am EST- My target was hit. Price made a clean break so I moved my stop to 1.7250 and set my next target for 1.7200.
11:15am EST- My 2nd target at 1.7200 was hit. This time, price did not make a clean break so I took my final profit. I exited at 1.7203.
Trade Result: +39 -42 +74= +167 pips (NOT INCLUDING SPREAD) R-Multiple: 0.79; -0.53; 0.62
News events to watch for tomorrow :
- 8:30am EST- US Trade Balance
- All Day- G7 Meeting
For a complete list of news events check out our News Section
