Cowabunga System Daily Update: 10/24/07

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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

4:15am ET– There was a moving average crossover for a long trade. RSI was greater than 50, stochastics were trending up, and MACD went from negative to positive. This was a valid entry. The entry was at the close of the candle at 2.0487 with a stop at the most recent swing low at 2.0424. Since I was 13 pips away from the nearest 00 or 50 level, I decided to put my target at 2.0500.

Entry: Long at 2.0487

Stop: 2.0424

Initial Target: 2.0500

9:45am ET– My target was not hit by this time. I knew that Existing Home Sales were coming out at 10am ET, and according to my rules, I do not hold my trades over important news events. I manually closed my trade and managed to get out at 2.0492

Trade Result: +5 pips; R-Multiple: 0.08

Tomorrow’s news events to watch out for:

  • 8:30am ET– US Durable Goods
  • 10:00am ET– US New Home Sales

For the rest of tomorrow’s news lineup, check out our Forex Calendar

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  • TimeFreedom

    I noticed more four (4) more long entries after your 4:15 buy signal. Why did you only take one buy signal?

    TimeFreedom

  • TimeFreedom

    I noticed more four (4) more long entries after your 4:15 buy signal. Why did you only take one buy signal?

    TimeFreedom

  • MarkTrader

    It must have been because of the news. I know from reading tthis thing for many months that BigPippin always enters when there’s a valid entry.

  • MarkTrader

    It must have been because of the news. I know from reading tthis thing for many months that BigPippin always enters when there’s a valid entry.