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: 05/31/07
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
2:00 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 9750 with a stop at the most recent swing high which was at 9771. Since I was 50 pips away from the nearest 00 level, I set my target for 9700.
6:45 am ET- Unfortunately I was stopped out of my trade.
9:45 am ET- This was a news candle (Chicago PMI). Therefore I did not enter even though we had a valid signal.
Trade Result: -21 pips ; R-Multiple= -1.00
Kem- Just because we get a signal doesn't mean it will always be right. The best we can do in trading is give ourselves the best chances of winning.