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: 04/24/07
If this is your first time visiting this blog, read this first!
Main Trend
Current Trend= The trend remained down the entire day.
Today I only looked for short trades.
Today's Surf
2:00 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 1.9966 with a stop at the most recent high which as at 1.9982. Since I was 16 pips away from the nearest 50 level I decided to set my target for 1.9950.
5:00 am ET- . Unfortunately I am stopped out of my trade
12:15 pm ET- There was a moving average crossover for a short trade. RSI was less than 50, Stochastics were trending down, and MACD went from positive to negative. This was a valid trade. The entry was at the close of the candle which was at 2.0010 with a stop at the most recent high which as at 2.0044. Since I was only 10 pips away from the nearest 00 level, I decided to go for the same amount of pips I was risking, which in this case was 34. This put my target at 1.9976.
4:00 pm ET - My target is not hit by this time so I manually close out my trade at 2.0014.
Trade Result: -16 -4 = -20 pips; R-Multiple= -1.00, -0.12
