Cowabunga System Daily Update: 02/06/07
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Main Trend
Current Trend= Trend was down until the close of the new trend change candle which. Afterwards, the trend changed from down to UP.
I only looked for short trades until the close of the trend change candle (3:00 am ET-7:00 am ET). After 7:00 am ET, I only looked for long trades.
Today's Surf
11:15 pm ET- There was a moving average crossover for a short trade. RS<>50, Stochastics were trending down, and MACD was positive and losing value. This is a valid entry. Entry was at the close of the candle which was at 9606 with a stop at the most recent swing high which was at 9612. Since the entry was before midnight I decided to set my initial target for the same amount of pips I was risking. However this is only a 6 pip target and if you factor in the spread, that isn't big at all. I decided that I would trail my stop once the initial target was hit and go for 9550.
11:45 pm ET- Unfortunately I am stopped out at breakeven.
Trade Result: +0 pips
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Related Posts:
- Cowabunga System Daily Update: 02/14/07 14:25 14 February 2007
- Cowabunga System Daily Update: 03/26/07 15:05 26 March 2007
- Cowabunga System Daily Update: 06/13/07 22:31 13 June 2007
- Cowabunga System Daily Update: 02/22/07 14:41 22 February 2007
- Cowabunga System Daily Update: 04/05/07 14:01 05 April 2007
Archived Comments (3)
Forex Blog: Pip My System
hey , great sytem and iam trading with ur way
and i got about 15 pips today , really perfect way
but i have a question .
have i trade with only gbp/usd pair or i can trade with any pairs with the same system
.... and have a technical question : should i check the MACD at the 4 hour timeframe ? or with 15 min chart only..
thx
I love the system. I have been trying it out on a demo account for a few weeks now. My question is about how my charts are different from yours. I am using Intellicharts right now. Today when you got your sell signal, on my charst the RSI was 53 and my MACD was slightly negative and getting more negative.
Is this going to be a big problem? I really appreciate any help.
Hi Yuma- Please refer to the FAQ page. The answer is that I've only thoroughly tested it on the GBP/USD. It may work on other pairs but I'm not completely sure.
Corey- It may be a problem in that we won't have the same entries, but theoretically it should still work because the indicators give you "indications" of what is going on with your chart. So if you get a signal then that means the price is most likely hitting a momentum wave and you will be ready to ride along with it.