Cowabunga System Daily Update: 09/25/07
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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
5:45am 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 2.0103 with a stop at the most recent swing high at 2.0143. Since I was only 3 pips away from the nearest 50 or 00 level (2.0100), I decided to go for the same amount of pips I was risking on the trade, which in this case was 40 pips. This put my target at 2.0063.
Entry: Short at 2.0103
Stop: 2.0143
Initial Target: 2.0063
8:00am ET- Unfortunately I was stopped out of my trade.
Trade Result: -40 pips; R-Multiple: -1.00
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Related Posts:
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- Cowabunga System Daily Update: 02/14/07 14:25 14 February 2007
- Cowabunga System Daily Update: 05/17/07 14:19 17 May 2007
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Archived Comments (3)
Forex Blog: Pip My System
PS, I also lost 39 pips. (',') -- that is me in the crying and dazed mode...
hi, i lost 40 pips as well when i went in short at 2.0102. I noticed that at that time, the 4h candle was turning green and trending up. Would that be a valid observation considering that the 5EMA and 10EMA had not yet crossed on the 4h chart?
Meaning that if we take that last green candle on the 4h chart as an indicator of an uptrend and place a long, we would have be in > +50 pips since GBPUSD went up to 2.0210.
Hi, your MACD indicator really does not look as 12, 26, 9
Please give the values you use. Thank you.