Cowabunga System Daily Update: 08/20/07

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Main Trend

Current Trend= The trend remained down until 4am 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.

Today’s Surf

8:30 am ET- This was a moving average crossover for a long trade. RSI was greater than 50, stochastics was trending up, and MACD was negative and gaining value. This was a valid entry. The entry was at the close of the candle at 9876 with a stop at the most recent swing low at 9843. Since I was 24 pips away from the nearest 00 level I decided to put my target at 9900.

Entry: Long at 9876

Stop: 9843

Initial Target: 9900

9:45 am ET- Unfortunately I was stopped out of my trade.

2:15 pm ET- There was another long signal here but I didn’t take it because it was so late in the day.

Trade Result: -33 pips; R-multiple: -1.00

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  • michwales

    aaaw! surprisingly, I made 40 pips in all yesterday. I always set my limit at 20pips if the market is not too volatile and 10pips if the market is volatile. then 30 pips is alwayz my stop limit and it has been working for me….. still ur system with my own adjustment

  • michwales

    can your system work for cross trade? i will be glad if you can let me know……
    thanks

  • michwales

    aaaw! surprisingly, I made 40 pips in all yesterday. I always set my limit at 20pips if the market is not too volatile and 10pips if the market is volatile. then 30 pips is alwayz my stop limit and it has been working for me….. still ur system with my own adjustment

  • michwales

    can your system work for cross trade? i will be glad if you can let me know……
    thanks

  • scooter

    When you look at the 4 hour chart isn’t the Stochastics trending up?

    Scott

  • scooter

    When you look at the 4 hour chart isn’t the Stochastics trending up?

    Scott