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: 04/16/07
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
4:30 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. However, this was a news candle for the GBP PPI report. According to my rules, I do not take signals if it forms from a news candle. No entry.
8:45 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 9926 with a stop at the most recent swing low which was at 9895. Since I was 24 pips away from the nearest 50 level I decided to set my target at 9950.
10:00 am ET- Unfortunately I am stopped out of my trade.
11:30 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 9914 with a stop at the most recent swing low which was at 9883. Since I was 36 pips away from the nearest 50 level I decided to set my target at 9950.
4:00 pm ET- My target is not hit at this time and I manually close out my trade at 9900.
Trade Result: -31 -14= -45 pips; R-multiple= -1.00; -0.45
