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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 forex trading system and apply it to an unsimple market. If you're new to the blog you should read this first.

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Cowabunga System Daily Update: 07/25/07

Posted 13:51 25 July 2007 | 1

If this is your first time visiting this blog, read this first!

Main Trend

Current Trend= The trend remained up until 4am ET. From midnight to 4am ET, a new trend change candle formed and changed the trend from up to DOWN. After the trend change candle was formed the trend remained down the rest of the day.

Today I looked for long trades until 4am ET. After 4am ET, I only looked for short trades.

Today's Surf

12:00 am ET- There was a moving average crossover for a long trade. RSI was greater than 50, stochastics were trending up but MACD was already positive which cancelled out the signal. No entry!

10:00 am ET- There was a moving average crossover for a short trade. RSI was greater than 50, stochastics were trending up and MACD was positive and losing value. Although this was a valid signal it formed during a news candle and one of the rules is to never enter when a signal is formed during a major news event. In this case that news event was the Existing Home Sales report.

Trade Result: +0 pips

Questions? Read the Cowabunga FAQ.

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Cowabunga System Daily Update: Monday, 10/08/07 14:00 08 October 2007
Cowabunga System Daily Update: 08/06/07 14:38 06 August 2007
Cowabunga System Daily Update: 04/05/07 14:01 05 April 2007
Cowabunga System Daily Update: 02/28/07 16:41 28 February 2007
Cowabunga System Daily Update: Thursday, 12/13/07 12:07 13 December 2007

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For 10:00am -RSI was greater than 50, stochastics were trending up and MACD was positive --- you mean I think RSI was less than 50, stochatics was trending down.----- Thank goodenss PS you remind us of these small rule here and there that should not be violated. I missed out out on both and had entered both trades -- losing 34 pips on the 12:00am trade --but making 28 pips on the 10:00am trade.

pinetree | Posted 15:13 25 July 2007

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