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: Tuesday, 07/15/08
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Main Trend
Current Trend= The trend remained up the entire day.
Today I only looked for long trades.
News events to watch for today :
- 4:30am EST- UK CPI
- 8:30am EST- US Retail Sales, PPI
Today's Surf
1:00am EST- 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 at 1.9980 with a stop at the most recent swing low at 1.9965. Since I was 20 pips away from the nearest 50 or 00 level, I decided to put my initial target at 2.0000.
Entry: Long at 1.9980
Stop: 1.9965
Initial Target: 2.0000
3:15am EST- My target was hit. Price made a clean break of my target so I moved my stop to 2.0000 and set my next target for 2.0050.
4:00am EST- My 2nd target was hit at 2.0050. Price made a clean break again so I moved my stop to 2.0050 and set my next target for 2.0100.
4:15am EST- Price gets as high as 2.0028 and starts to move back down. I know news is coming out at 4:30 so I try to get out with as many pips as possible. I manage to get out at 2.0019.
Trade Result: +139 pips (NOT INCLUDING SPREAD: R-Multiple: 9.26
News events to watch for tomorrow :
- 4:30am EST- UK Claimant Count Change
- 8:30am EST- US CPI
- 9:00am EST- US TIC data
For a complete list of news events check out our News Section
