Cowabunga System Daily Update: 11/01/07

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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

1:30am ET- There was a moving average crossover for a long trade. RSI was greater than 50, stochastics were trending up, but MACD was already positive. This canceled the signal and I did not enter.

6:30am 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 2.0785 with a stop at the most recent swing low at 2.0753. Since I was 15 pips away from the nearest 50 or 00 level, I decided to put my target at 2.0800.

Entry: Long at 2.0785

Stop: 2.0753

Initial Target: 2.0800

7:15am ET- My target was hit. Price did not make a clean break of my target so I took my final profit at 2.0800.

Trade Result: +15 pips; R-Multiple: 0.47

Tomorrow’s news events to watch out for:

  • 8:30am ET- US Non Farm Payrolls

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

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  • Cowaboi

    Hi PipSurfer, please could you clarify how much weight you put on the 4hr stoch in your trend analysis…today for example the 4hr MAs were long but the stochs were pointing down during the early stages of the session??

  • Cowaboi

    Hi PipSurfer, please could you clarify how much weight you put on the 4hr stoch in your trend analysis…today for example the 4hr MAs were long but the stochs were pointing down during the early stages of the session??