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: 06/13/07
If this is your first time visiting this blog, read this first!
Main Trend
Current Trend= The trend remained up until 8am ET. From 4am - 8am ET, a new trend change candle formed and changed the trend from up to DOWN. The trend remained down the rest of the day.
Today I looked for long trades until 8am ET. After 8am ET I only looked for short trades.
Today's Surf
1:45 am ET- There was a moving average crossover for a long trade. RSI was greater than 50, stochastics were trending up and MACD went from negative to positive. This was a valid entry. The entry was at the close of the candle which was at 9745 with a stop at the most recent swing low which was at 9725. Since I was only 5 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 9765..
3:00 am ET- Unfortunately I was stopped out of my trade.
8:00 am ET- A new trend change candle has finished forming and changes the trend from up to DOWN. From this point on I am only looking for short trades.
8:45 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 9682 with a stop at the most recent swing high which was at 9708. Since I was 32 pips away from the nearest 50 level I decided to put my target at 9650.
10:15 am ET- Unfortunately I was stopped out of my trade again.
Trade Result: -20 -26= -46 pips; R-multiple= -1.00; -1.00
