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: 08/29/07
If this is your first time visiting this blog, read this first!
Main Trend
Current Trend= The trend was down until 12pm ET. From 8am ET - 12pm ET, a new trend change candle formed and changed the trend from down to UP. After 12pm ET, the trend remained up the rest of the day.
Today I looked for short trades until 12pm ET. After 12pm ET, I only looked for long trades.
Today's Surf
1:45 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 at 1.9998 with a stop at the most recent swing high at 2.0035. Since I was 48 pips away from the nearest 50 level I decided to set my target at 1.9950.
Entry: Short at 1.9998
Stop: 2.0035
Initial Target:1.9950
3:30 am ET- Unfortunately I was stopped out of my trade.
Trade Result: -37 pips; R-multiple: -1.00
