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: Friday, 05/04/07
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
2:30 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 9865 with a stop at the most recent swing high at 9878. Since I was 15 pips away from the nearest 50 level I decided to put my target at 9850.
3:00 am ET- Unfortunately I was stopped out of my trade
3:15 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 9866 with a stop at the most recent swing high at 9887. Since I was 16 pips away from the nearest 50 level I could put my target at 9850. However, since my stop was wider on this one, I could also go for the same amount of pips I was risking so that I could have at least a 1:1 reward to risk ratio. In this case, I was risking 21 pips which put my target at 9845.
3:45 am ET- My target is hit. Price doesn't make a clean break so I take my final target.
5:15 am ET- I did not take this trade because MACD was negative
8:15 am ET- I did not take this trade because it was right before the big NFP report.
Trade Result: -13 +21= +8 pips ; R-Multiple= -1.00; 1.00
