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: 06/11/07
If this is your first time visiting this blog, read this first!
Main Trend
Current Trend= The trend remained down the entire day.
I only looked for short trades.
Today's Surf
2:30 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 9661 with a stop at the most recent swing high which was at 9681. Since I was only 11 pips away from the nearest 50 level I decided to go for the same amount of pips I was risking which in this case was 20. This put my target at 9641.
4:15 am ET- Unfortunately I was stopped out.
6:15 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 9665 with a stop at the most recent swing high which was at 9682. Since I was 15 pips away from the nearest 50 level I decided to set my target at 9650.
8:00 am ET- Unfortunately I was stopped out.
9:15 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 9664 with a stop at the most recent swing high which was at 9692. Since I was 14 pips away from the nearest 50 level I decided to set my target at 9650.
11:15 am ET- Unfortunately I was stopped out.
Trade Result: -20 -17 -28= -65 pips; R-multiple= -1.00; -1.00; -1.00
