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: 04/11/07
If this is your first time visiting this blog, read this first!
Main Trend
Current Trend= The trend remained up the entire day
Today I only looked for long trades.
Today's Surf
1:15 am ET - 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 which was at 9754 with a stop at the most recent swing low which was at 9738. Since I was 46 pips away from the nearest 00 level I decided to set my target at 9800.
3:15 am ET- My target at 9800 was hit and because it didn't make a clean break of the 9800 level I decided to take my final profit there.
5:45 am ET- 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 which was at 9785 with a stop at the most recent swing low which was at 9771. Since I was 15 pips away from the nearest 00 level I decided to set my target at 9800.
6:30 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 was negative and gaining value. This was a valid entry. The entry was at the close of the candle which was at 9774 with a stop at the most recent swing low which was at 9756. Since I was 26 pips away from the nearest 00 level I decided to set my target at 9800.
1:45 pm ET- Since the FOMC minutes are coming up at 2pm, I ended up closing my trade out before the release at 9765.
2:00 pm ET- FOMC minutes released!
Trade Result: +46 -14 -9= +23 pips; R-multiple= 2.87, -1.00, -0.50
