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 Update: 10/25/07
If this is your first time visiting this blog, read this first!
Main Trend
Current Trend= The trend remained up the entire day.
Today I only looked for long trades.
Today's Surf
2:30am 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 at 2.0479 with a stop at the most recent swing low at 2.0451. Since I was 21 pips away from the nearest 00 or 50 level, I decided to put my target at 2.0500.
Entry: Long at 2.0479
Stop: 2.0451
Initial Target: 2.0500
6:00am ET- My target was hit at 2.0300. The candle made a clean break of this level so I trailed my stop to 2.0300 and set my next target at 2.0500.
6:15am ET- Unfortunately I was stopped out at 2.0300.
Trade Result: -+21 pips; R-Multiple: 0.75
Tomorrow's news events to watch out for:
- Nothing major is coming out tomorrow
For the rest of tomorrow's news lineup, check out our Forex Calendar
