Cowabunga System Daily Update: 07/31/07

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

Main Trend

Current Trend= The trend remained down until 8am ET. From 4am – 8am ET, a new trend change candle formed and changed the trend from down to UP. After 8am ET, the trend remained up the rest of the day.

From midnight to 8am ET, I only looked for short trades. After 8am ET, I only looked for long trades.

Today’s Surf

11:00 am ET- 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 which was at 2.0335 with a stop at the most recent swing low at 2.0284. Since I was 15 pips away from the nearest 50 level I set my target for 2.0350.

11:45 am ET- My target was hit at 2.0350 and the price made a clean break of that level. I trailed my stop to 2.0350 and tried to go for 2.0400 as my next target.

12:00 pm ET- Unfortunately I was stopped out at 2.0350.

Trade Result: +15 pips ; R-Multiple: 0.29

Questions? Read the Cowabunga FAQ.

Want to discuss the Cowabunga System? Visit our Forums.

Like what you've read?
Join over 40,000 other traders who get our newsletter. Tutorials, EAs, chart setups, free forex trading systems, and more!
  • wandido

    Do you use MACD(12,26,9)?

  • wandido

    Do you use MACD(12,26,9)?