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: Friday 06/08/07
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
1:30 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 9780 with a stop at the most recent swing high which was at 9790. Since I was 30 pips away from the nearest 50 level I set my target for 9750.
3:00 am ET- My target was hit at 9750. The candle made a clean break of my target so I trailed my stop to 9750 and decided to go for my next target at 9700.
3:15 am ET- My 2nd target at 9700 was hit but the candle retraced back up and didn't make a clean break of that level so I took my final profit at 9702.
Trade Result: +78 pips; R-multiple= 7.80
