Cowabunga System Daily Update: Tuesday, 11/13/07

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Main Trend

Current Trend= The trend remained down the entire day.

Today I only looked for short trades.

Today’s Surf

11:30am EDT- There was a moving average crossover for a short trade but RSI was not less than 50 and MACD was already negative. This cancelled out the signal and I did not enter.

Trade Result: +0 pips.

News events to watch for Monday :
  • 4:30am EDT- GBP Average Earnings Index
  • 5:30am EDT- BOE Inflation Report
  • 8:30am EDT- US Retail Sales
  • 8:30am EDT- US PPI
  • 9:10am EDT- US Fed Chairman Bernanke Speaks

For a list of all of tomorrow’s news events, check out our Forex Calendar

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8 comments

  1. Cowaboi

    Hi PipSurfer, according to the 4hr trend chart, the stochs were pointing up, wouldn’t this qualify us out of shorts according to your 4hr chart rules?

    Reply
  2. Pip SurferPipSurfer

    gryat- No I meant our overall trend was BULLISH for the Dollar, which means BEARISH for the Sterling. In other words our overall trend for the GBP/USD was down, and unfortunately yesterday’s movement was mostly up.

    Cowaboi- Stoch was pointing up but you also have to have a moving average crossover for a trend change candle. On the 4hr chart, there was no moving average crossover for an upward trend even though the majority of the day the pair moved up. Does that make sense?

    Reply
  3. Cowaboi

    Hi PipSurfer, according to the 4hr trend chart, the stochs were pointing up, wouldn’t this qualify us out of shorts according to your 4hr chart rules?

    Reply
  4. Pip SurferPipSurfer

    gryat- No I meant our overall trend was BULLISH for the Dollar, which means BEARISH for the Sterling. In other words our overall trend for the GBP/USD was down, and unfortunately yesterday’s movement was mostly up.

    Cowaboi- Stoch was pointing up but you also have to have a moving average crossover for a trend change candle. On the 4hr chart, there was no moving average crossover for an upward trend even though the majority of the day the pair moved up. Does that make sense?

    Reply

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