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 Special Thanksgiving Cowabunga System Update
If this is your first time visiting this blog, read this first!
Main Trend- Monday 11/19/07
Current Trend= The trend remained up the entire day.
On Monday, I only looked for long trades.
Today's Surf
12:45am EDT- 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 2.0549 with a stop at the most recent swing low at 2.0515. Since I was only 1 pip away from the nearest 50 or 00 level (2.0550), I decided to go for the same amount of pips I was risking, which in this case was 34. This put my initial target at 2.0583.
Entry: Long at 2.0549
Stop: 2.0515
Initial Target: 2.0583
2:00am EDT- Unfortunately I was stopped out of my trade.
5:45am EDT- There was a moving average crossover for a long trade. RSI was greater than 50, stochastics were trending, but MACD was already positive. This cancelled out the signal and I did not enter.
8:15am EDT- There was a moving average crossover for a long trade. RSI was greater than 50, stochastics were trending, but MACD was already positive. This cancelled out the signal and I did not enter.
Trade Result: -34 pips; R-Multiple: -1.00
Main Trend- Tuesday 11/20/07
Current Trend= The trend remained down until 3am EDT. From 11pm - 3am EDT, a new trend change candle formed and changed the trend from down to UP. After 3am EDT, the trend remained up the rest of the day.
On Tuesday, I only looked for short trades until 3am EDT. After 3am EDT, I only looked for long trades.
Today's Surf
8:30am EDT- 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 2.0635 with a stop at the most recent swing low at 2.0590. Since I was 15 pips away from the nearest 50 or 00 level, I decided to put my initial target at 2.0650.
Entry: Long at 2.0635
Stop: 2.0590
Initial Target: 2.0650
8:45am EDT- My target was hit. Price did not make a clean break of my target so I took my final profitg at 2.0650.
10:30am EDT- There was a moving average crossover for a long trade. RSI was greater than 50, MACD was negative and gaining value, but stochastics were trending down. This cancelled out the signal and I did not enter.
Trade Result: +15 pips; R-Multiple: 0.33
Main Trend- Wednesday 11/21/07
Current Trend= The trend remained up the entire day.
Today I only looked for long trades.
Today's Surf
8:30am EDT- There was a moving average crossover for a long trade. RSI was greater than 50, stochastics were trending up, but MACD was already positive. This cancelled out the signal and I did not enter.
11:30am EDT- There was a moving average crossover for a long trade. RSI was greater than 50, stochastics were trending up, but MACD was already positive. This cancelled out the signal and I did not enter.
Trade Result: +0 pips; R-Multiple: 0
So I'm like totally ready to scarf down some turkey! I will be taking a break from trading tomorrow and Friday and will start catching waves again bright and early on Monday. Have a totally bodacious Thanksgiving everyone!
