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: 04/04/07
If this is your first time visiting this blog, read this first!
Main Trend
Current Trend= The trend remained up the entire day. At 4am ET it looked like a new trend change candle formed to make a new down trend but RSI was still greater than 50 which negated the signal and kept the trend up.
Today I only looked for long trades.
Today's Surf
3:00 am ET - 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 which was at 9756 with a stop at the most recent swing low which was at 9726. Since I was 44 pips away from the nearest 00 level, I decided to set my target for 9800.
7:00 am ET- Unfortunately I am stopped out.
10:15 am ET- 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 which was at 9752 with a stop at the most recent swing low which was at 9721. Since I was 48 pips away from the nearest 00 level, I decided to set my target for 9800.
4:00 pm ET- Unfortunately my target is not hit by this time so I manually close out my trade.
Trade Result: -30 -1= -31 pips; R-Multiple= -1.00; -0.03
