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: 04/06/07
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.
Today's Surf
7:00 am ET - 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 which was at 9706 with a stop at the most recent swing high which was at 9713. Since I was only 6 pips away from the nearest 00 level I decided to set that as my initial target with the intention to trail my stop and go for the next target at 9650.
7:30 am ET- My initial target at 9700 is hit and I trail my stop to the high of that candle which was at 9705 and set my next target for 9650.
8:30 am ET- My 2nd target at 9650 was hit and the candle made a clean break of that level. So instead of taking profit I trailed my stop to 9650 and decided to try and go for 9600 as my third target.
8:45 am ET- Unfortunately the price stops moving in my direction and retraces up to stop me out at 9650.
Trade Result: +56 pips; R-Multiple= 8.00
