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: 04/23/07
If this is your first time visiting this blog, read this first!
Main Trend
Current Trend= The trend remained down the entire day.
I only looked for short trades on Friday
Today's Surf
1:30 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 trade. The entry was at the close of the candle which was at 2.0028 with a stop at the most recent high which as at 2.0037. Since I was 28 pips away from the nearest 00 level I decided to set my target for 2.0000.
2:30 am ET- My target is hit at 2.0000 and the price made a clean break of that level. Instead of taking my final profit, I moved my stop to 2.0000 and set my next target for 1.9950.
3:15 am ET- . Unfortunately I am stopped out at 2.0000
7:45 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 trade. The entry was at the close of the candle which was at 1.9997 with a stop at the most recent high which as at 2.0011. Since I was 47 pips away from the nearest 50 level I decided to set my target for 1.9950.
11:00 am ET- Unfortunately I am stopped out of my trade.
Trade Result: +28 -14 = +14 pips; R-Multiple= 3.11, -1.00
