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: 05/15/07
If this is your first time visiting this blog, read this first!
Main Trend
Current Trend= The trend remained down until 12 pm ET. From 8am - 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
1:45 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 9789 with a stop at the most recent swing high which was at 9804. Since I was 39 pips away from the nearest 50 level I set my target at 9750.
2:00 am ET- Unfortunately I was stopped out of my trade.
3:15 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 9791 with a stop at the most recent swing high which was at 9826. Since I was 41 pips away from the nearest 50 level I set my target at 9750.
6:15 am ET- My target is hit at 9750.
Trade Result: -15 +41= +26 pips ; R-Multiple= -1.00; 1.28
