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: 05/01/07
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
1:45 am ET- There was a moving average 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 2.0005 with a stop at the most recent swing low at 1.9991. Since I was 45 pips away from the nearest 50 level I decided to put my target at 2.0050.
3:30 am ET- Unfortunately I was stopped out of my trade.
6:00 am ET- There was a moving average for a long trade. RSI was greater than 50, stochastics were trending up and MACD went from negative to positive. This was a valid entry. The entry was at the close of the candle which was at 2.0022 with a stop at the most recent swing low at 2.0000. Since I was 28 pips away from the nearest 50 level I decided to put my target at 2.0050.
7:45 am ET- My target is hit. Price doesn't make a clean break and I take my final profit at 2.0050.
Trade Result: -14 +28= +14 pips ; R-Multiple= -1.00, 1.27
