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: 05/17/07
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
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 9776 with a stop at the most recent swing high which was at 9781. Since I was 26 pips away from the nearest 50 level I set my target at 9750.
4:30 am ET- Unfortunately I was stopped out of my trade.
6:30 am ET- There was a moving average crossover 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 9767 with a stop at the most recent swing high which was at 9781. Since I was only 17 pips away from the nearest 50 level, I decided to go for the same amount of pips I was risking on the trade, which was 24. This put my target at 9743.
7:15 am ET- My target is hit and I take my final profit.
Trade Result: -5 +24= +19 pips ; R-Multiple= -1.00; 1.00
