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: 04/09/07
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
2:15 am ET - 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 which was at 9639 with a stop at the most recent swing high which was at 9649. Since I was 39 pips away from the nearest 00 level I decided to place my target at 9600.
12:45 pm ET- My initial target at 9600 is hit and the price makes a clean break of that level. I trail my stop to 9600 and set my next target for 9550.
1:30 pm ET- Unfortunately the move was over and I was stopped out at 9600.
Trade Result: +39 pips; R-Multiple= 3.90
