Cowabunga System Daily Update: 08/03/07

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Main Trend

Current Trend= The trend remained up the entire day.

On Friday I only looked for long trades.

Today’s Surf

5:30 am ET- There was a moving average crossover for a long trade. RSI was greater than 50, stochastics were trending up and MACD went from negative to positive. This was a valid entry. The entry was at the close of the candle which was at 2.0362 with a stop at the most recent swing low at 2.0350. Since I was 38 pips away from the nearest 00 level I set my target for 2.0400.

Entry: Long at 2.0362

Stop: 2.0350

Initial Target: 2.0400

6:15 am ET- Unfortunately I was stopped out at 2.0350 for a 12 pip loss.

8:30 am ET- There was a valid signal here but it was caused by a news event (NFP). Since this was the case I did not enter the trade.

Trade Result: -12 pips ; R-Multiple: -1.00

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  • maccer07

    Hi,
    How do you determine the trend change candle?There is a larger up candle 4 candles to the right of what is labelled the trend change candle in the 4 hr chart.It is closer to the current trading day and the 5EMA has crossed the 10EMA.

  • maccer07

    Also Stochastics are in overbought territory at the start of the trading day so is the trend determined,does one indicator take preference over others?
    Do you determine the main trend once at the start of the trading day and not revisit the 4hr chart to reassess the trend during the day?
    Thanks

  • maccer07

    Hi,
    How do you determine the trend change candle?There is a larger up candle 4 candles to the right of what is labelled the trend change candle in the 4 hr chart.It is closer to the current trading day and the 5EMA has crossed the 10EMA.

  • maccer07

    Also Stochastics are in overbought territory at the start of the trading day so is the trend determined,does one indicator take preference over others?
    Do you determine the main trend once at the start of the trading day and not revisit the 4hr chart to reassess the trend during the day?
    Thanks