I've been sick and my voice is not up to par so I apologize for no videos as of late, but I'll be back once I get better!
The trend stayed down until 4am EST. From 12am - 4am EST a new trend change candle formed and changed the trend from down to UP. After 4am EST, the trend remained up the rest of the day.
Today I only looked for short trades until 4am EST. After 4am EST, I only looked for long trades.
News events to watch for today :
- 4:30am EST- DCLG UK House Prices
7:00am 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 1.6141 with a stop at the most recent low at 1.6077. Since I was only 9 pips away from the nearest 50 or 00 level (1.6150) I decided to go for the same amount of pips I was risking on the trade, which in this case was 64. This put my initial target at 1.6205.
Entry: Long at 1.6141 Stop: 1.6077 Target: 1.6205
8:45am EST- My target was hit. Price made a clean break so I moved my stop to 1.6205 and set my next target for 1.6250.
9:00am EST- Unfortunately I got stopped out at my initial target at 1.6250.
Trade Result: +64 pips (NOT INCLUDING SPREAD) R-Multiple: 1.00
News events to watch for tomorrow:
- 4:30am EST- UK Manufacturing Production m/m
- 8:30am EST- US Trade Balance
- 2:00pm EST- US Beige Book
Forex Trading Journal
- Cowabunga System Daily Update: Tuesday, 04/05/11 13:03 05 April 2011
- Cowabunga System Daily Update: Tuesday, 09/08/09 14:47 08 September 2009
- Cowabunga System Daily Update: Tuesday, 12/04/07 15:49 04 December 2007
- Cowabunga System Daily Update: Wednesday, 02/02/11 11:46 02 February 2011
- Cowabunga System Daily Update: Wednesday, 04/25/2012 13:00 25 April 2012
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