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: 04/12/07
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 9761 with a stop at the most recent swing low which was at 9740. Since I was 39 pips away from the nearest 00 level I decided to set my target at 9800.
4:30 am ET- Unfortunately I am stopped out of my trade.
6:45 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 9762 with a stop at the most recent swing low which was at 9735. Since I was 38 pips away from the nearest 00 level I decided to set my target at 9800.
10:15 am ET- My target is hit and it looked like the Cable was struggling to stay at 9800 so I went ahead and took my final profit
Trade Result: -21 +38 = +17 pips; R-multiple= -1.00; 1.40
pinetree- If you stretch out your MACD histogram you'll see that it actually was negative for 1 bar right before our signal. On my chart above, I didn't stretch it out so it looks like it's actually slightly positive. Go back to that signal and stretch out your MACD histogram and you'll see that it was actually a valid signal. Happy trading!