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: 04/18/07
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
4:00 am ET - There was a moving average crossover for a long trade. RSI was greater than 50, Stochastics were trending up, and MACD went from negative to positive. This was a valid trade. However....I did not enter this trade because I knew that the BOE minutes were coming out at 4:30 and according to my rules I exit my trades before important events that involve central banks or the NFP. This was a personal choice of mine not to enter since if I did enter, I would only have a short time for my trade to mature. Here is what your trade might've looked like if you had taken it...
The entry would've been at 2.0094 with a stop at the most recent swing low which was at 2.0073. Since the entry was only 6 pips away from the nearest 00 level you should've targeted the same amount of pips you were risking which in this case was 21. This would've put your target at 2.0115.
Trade Result: +0 pips
