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: 03/06/07
If this is your first time visiting this blog, read this first!
Main Trend
Current Trend= Trend remained down the entire day.
Today I only looked for short trades.
Today's Surf
12:15 am ET - There was a moving average crossover for a short trade. RSI<50, Stochastics were trending down, and MACD was positive and losing value. This was a valid entry. Entry was at the close of the candle which was at 9250 with a stop at the most recent swing high which was at 9303. Since I was 50 pips from the nearest 00 level I decided to set my target for 9200.
2:45 am ET- Unfortunately I am stopped out of my trade.
4:00 am ET- There was a moving average crossover for a short trade. RSI<50, Stochastics were trending down, and MACD was positive and losing value. This was a valid entry. Entry was at the close of the candle which was at 9252 with a stop at the most recent swing high which was at 9304. Since I was 48 pips from the nearest 00 level I decided to set my target for 9200.
3:00 pm ET- Unfortunately I am stopped again from my trade.
Trade Result: -53 -52= -105 pips; R-Multiple= -1; -1
Today was a pretty big loss but unfortunately it was bound to happen sooner or later. The most important thing to remember is to stick to the rules no matter what. Don't get scared if you see a valid signal. Keep trading the system by the rules. We'll bounce back soon!
