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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  • SteveT

    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 :)

  • PipSurfer

    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

  • SteveT

    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 :)

  • PipSurfer

    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