Cowabunga System Daily Update: 10/29/07

If this is your first time visiting this blog, read this first!

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

Questions? Read the Cowabunga FAQ.
Want to discuss the Cowabunga System? Visit our Forums.

6 comments

  1. 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.

    Reply
  2. 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.

    Reply
  3. 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.

    Reply
  4. 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.

    Reply

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