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: 05/09/07
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 - 12pm ET, a new trend change candle formed and changed the trend from down to UP. After 12pm ET, the trend remained up 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
2:45 am 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 entry. The entry was at the close of the candle which was at 9892 with a stop at the most recent swing high which was at 9919. Since I was 42 pips away from the nearest 50 level, I decided to put my target at 9850.
5:30 am ET- Unfortunately I was stopped out of my trade.
8:00 am 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 entry. The entry was at the close of the candle which was at 9906 with a stop at the most recent swing high which was at 9921. Since I was only 6 pips away from the nearest 00 level, I decided to go for the same amount of pips I was risking on the trade, which in this case was 15. This put my target at 9891.
8:30 am ET- Unfortunately I was stopped out of my trade.
Trade Result: -27 -15= -42 pips ; R-Multiple= -1.00; -1.00
