Cowabunga System Daily Update: Friday, 10/19/07
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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
5:00am ET- There was a moving average crossover for a long trade. RSI was greater than 50, stochastics were trending up, and MACD was negative and gaining value. This was a valid entry. The entry was at the close of the candle at 2.0454 with a stop at the most recent swing low at 2.0406. Since I was 46 pips away from the nearest 50 or 00 level, I decided to put my target at 2.0500.
Entry: Long at 2.0454
Stop: 2.0406
Initial Target: 2.0500
8:30am ET- My target was hit at 2.0500. The price made a clean break of that level so I moved my stop loss to 2.0500 and set my next target for 2.0550.
9:30am ET- Unfortunately I was stopped out at 2.0500.
Trade Result: +46 pips; R-Multiple: 0.96
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Related Posts:
- Cowabunga System Update: 10/25/07 13:20 25 October 2007
- Cowabunga System Daily Update: Tuesday, 12/11/07 12:22 11 December 2007
- Cowabunga System Daily Update: Wednesday, 12/12/07 12:25 12 December 2007
- Cowabunga System Daily Update: Wednesday, 12/05/07 12:21 05 December 2007
- Cowabunga System Daily Update: 10/24/07 13:47 24 October 2007
Archived Comments (2)
Forex Blog: Pip My System
Hi, Cool system but just wondering why you didn't close the trade earlier with CAD CPI coming out at 7:00am. Thanks for listening to beginners like me :)
Hi Steve,
I only exit trades, if a major news event comes out that deals with either the UK or US because those are the ones that have a major effect on the GBP/USD. Hope that helps.
-PipSurfer