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: 06/12/07
If this is your first time visiting this blog, read this first!
Main Trend
Current Trend= There was a new trend change candle that formed from 12am ET - 4am ET. This trend change candle changed the trend from down to UP. The trend remained up the rest of the day.
Today I only looked for long trades.
Today's Surf
6:15 am ET- There was a moving average crossover for a long trade. RSI was greater than 50, stochastics were trending up and MACD was negative and gaining value. This was a valid entry. The entry was at the close of the candle which was at 9736 with a stop at the most recent swing low which was at 9693. Since I was only 14 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 43. This put my target at 9779..
1:45 pm ET- My target is hit. Price doesn't make a clear break of my target so I take my final profit.
Trade Result: +43 pips; R-multiple= 1.00
