Cowabunga System Daily Update: 07/25/07
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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
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Related Posts:
- 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: Tuesday, 11/27/07 14:11 27 November 2007
- Cowabunga System Daily Update: Thursday, 12/13/07 12:07 13 December 2007
Archived Comments (1)
Forex Blog: Pip My System
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.