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: 04/30/07
If this is your first time visiting this blog, read this first!
Main Trend
Current Trend= The trend remained down until 12pm ET. From 8am ET - 12pm ET a new trend change candle formed and changed the trend from down to UP. The trend remained up for the rest of the day.
Today I looked for short trades until 12pm ET. After 12pm ET I only looked for long trades.
Today's Surf
12:30 am ET- There was a moving average for a short trade. RSI was less than 50, stochastics were trending down and MACD was positive and losing value. This was a valid entry. The entry was at the close of the candle which was at 9947 with a stop at the most recent swing high at 9967. Since I was 47 pips away from the nearest 00 level I decided to put my target at 9900.
4:15 am ET- My target is hit. Price doesn't make a clean break so I take my final profit at 9900.
Trade Result: +47 pips ; R-Multiple= 1.00
