Cowabunga System Daily Update: 09/13/07
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Main Trend
Current Trend= The trend remained down the entire day.
Today I only looked for short trades.
Today's Surf
1:00am ET- There was a moving average crossover for a short trade. RSI was less than 50, stochastics were trending down, and MACD was positive and losing value. This was a valid entry. The entry was at the close of the candle at 2.0272 with a stop at the most recent swing high at 2.0287. Since I was 22 pips away from the nearest 00 or 50 level I decided to put my target at 2.0250.
Entry: Short at 2.0272
Stop: 2.0287
Initial Target: 2.0250
3:15am ET- My target was hit. The price did not make a clean break of 2.0250 so I took my final profit.
4:30am ET- There was a moving average crossover for a short trade. RSI was less than 50, stochastics were trending down, and MACD was positive and losing value. This was a valid entry. The entry was at the close of the candle at 2.0267 with a stop at the most recent swing high at 2.0295. Since I was 17 pips away from the nearest 00 or 50 level I decided to put my target at 2.0250.
Entry: Short at 2.0267
Stop: 2.0295
Initial Target: 2.0250
5:00am ET- My target was hit. The price did not make a clean break of 2.0250 so I took my final profit.
9:00am ET- There was a moving average crossover for a short trade. RSI was less than 50, stochastics were trending down, and MACD was positive and losing value. This was a valid entry. The entry was at the close of the candle at 2.0251 with a stop at the most recent swing high at 2.0288. Since I was only 1 pip away from the nearest 50 or 00 level (2.0250) I decided to go for the same amount of pips I was risking on the trade, which in this case was 37. This put my target at 2.0214.
Entry: Short at 2.0251
Stop: 2.0288
Initial Target: 2.0214
10:15am ET- Unfortunately I was stopped out of my trade.
Trade Result: +22 +17 -37= +2 pips; R-Multiple: 1.46, 0.67, -1.00
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Related Posts:
- Cowabunga System Daily Review: 09/06/07 12:03 06 September 2007
- Cowabunga System Daily Update: Friday 09/28/07 13:29 01 October 2007
- Cowabunga System Daily Update: Thursday, 12/06/07 and Friday, 12/07/07 10:30 10 December 2007
- Cowabunga System Daily Update: 07/30/07 18:29 30 July 2007
- Cowabunga System Daily Update: 10/09/07 12:19 09 October 2007
Archived Comments (3)
Forex Blog: Pip My System
i got the first entry but the it did not hit the target on my platform i pip away. lost 13 pips thats enough for one day.
what's R-Multiple? seems no found around here.
Dude, are you still using multiple timeframes, looking at the 4 hour chart? Long term chart shows we are in uptrend, wouldn't that stop you from the short entries? Rad week overall though, surf on!