Cowabunga System Daily Update: 10/29/07

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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

1:00am 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 2.0550 with a stop at the most recent swing low at 2.0538. Since I was 50 pips away from the nearest 50 or 00 level, I decided to put my target at 2.0600.

Entry: Long at 2.0550

Stop: 2.0538

Initial Target: 2.0600

6:45am ET- My target was hit. Price did not make a clean break of my target so I took my final profit. I was able to exit at 2.0600.

11:00am 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 2.0606 with a stop at the most recent swing low at 2.0571. Since I was 44 pips away from the nearest 50 or 00 level, I decided to put my target at 2.0650.

Entry: Long at 2.0606

Stop: 2.0571

Initial Target: 2.0650

4:00pm ET- My target was not hit by this time and according to my rules, I close out all trades at this time whether I’m negative or positive. Luckily I was positive and managed to get out at 2.0634.

Trade Result: +50 +28= +78 pips; R-Multiple: 4.16, 0.80

Tomorrow’s news events to watch out for:

  • No important news events tomorrow

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

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  • gryat

    What values do you use for the MACD indicator? Mine doesn’t look the same…

  • gryat

    What values do you use for the MACD indicator? Mine doesn’t look the same…

  • moskito7

    I am new in this, recommended by my friend to follow your setting, may I know the latest setting that you are using…. MACD, what is the setting for it?? Thanks and keep up the good work.

  • moskito7

    I am new in this, recommended by my friend to follow your setting, may I know the latest setting that you are using…. MACD, what is the setting for it?? Thanks and keep up the good work.

  • johntester

    Hye,

    Could you please explain why USD rally so much starting from 14:00 onwards. Did it happen because of the CB Consumer Confidence.

    Also did the pair GBP/USD drop just because of the USD situation or were there other reasons.

    looking impatiently to your answer.
    Thanks in advance.

  • johntester

    Hye,

    Could you please explain why USD rally so much starting from 14:00 onwards. Did it happen because of the CB Consumer Confidence.

    Also did the pair GBP/USD drop just because of the USD situation or were there other reasons.

    looking impatiently to your answer.
    Thanks in advance.