Cowabunga System Daily Update: 08/24/07
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Main Trend
Current Trend= The trend remained up the entire day.
Today I only looked for long trades.
Today's Surf
4:30 am ET- This was a Cowabunga signal for a long trade but it was a result of a news candle. According to our rules, we do not take these trades so I stayed out.
Entry: None
Stop: None
Initial Target:None
7:00 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. I did not enter. It's too bad though because this would've been a beauty! Don't get down if you missed out. This happens sometimes when you trade. Just remember there are always plenty more opportunities to come.
Trade Result: +0 pips
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Related Posts:
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- Cowabunga System Daily Update: 07/18/07 16:02 18 July 2007
- Cowabunga System Daily Update: Tuesday 10/02/07 13:14 02 October 2007
- Cowabunga System Daily Update: 07/25/07 13:51 25 July 2007
- Cowabunga System Daily Update: 08/30/07 14:26 30 August 2007
Archived Comments (2)
Forex Blog: Pip My System
Hi,
First of all thanks for this great Blog! I think it is extremely useful for beginners like me.
I have observed in some other posts as well that usually the MACD being on the "wrong" side (negative or positive) is not something that seems to invalidate a good entry opportunity. It seems to me sufficient that MACD is changing in the right direction.
In today's example MACD was already positive but it was still increasing. Would it be too risky to loosen the rules of the system and allow entries under conditions like today?
Thanks for your advice!
Alvo
Hi Alvo,
I've tested that theory out and it doesn't seem to work. Very good observation though :)