Cowabunga System Daily Update: Tuesday, 12/04/07

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Main Trend

Current Trend= The trend remained up until 11am EDT. From 7am – 11am EDT, a new trend change candle formed and changed the trend from up to DOWN. After 11am EDT, the trend remained down the rest of the day.

Today I looked for long trades until 11am EDT. After 11am EDT I only looked for short trades.

Today’s Surf

1:45am EDT- 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 cancelled out the signal and I did not enter.

6:00am EDT- 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 2.0644 with a stop at the most recent swing low at 2.0587. Since I was only 6 pips away from the nearest 50 or 00 level (2.0650) I decided to go for the same amount of pips I was risking on the trade which in this case was 57. This put my initial target at 2.0701.

Entry: Long at 2.0644

Stop: 2.0587

Initial Target: 2.0701

10:45am EDT- Unfortunately I was stopped out of my trade.

Trade Result: -57 pips; R-Multiple:-1.00

News events to watch for tomorrow :

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

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  • Dafna

    Isn’t it important to check that the H1 chart and M30 chart is in the same trand like the H4 and M15? I think that’s why the your tread failed, am I right?

  • gryat

    -I- think you should read before you talk

  • cosgrove

    I’m using forexfactory.com for my news watching. They’ve got completely different impact ratings and more stories than the babypips tool, and they call the 430AM event “Services PMI” for the cable (which babypips’ does as well). Why didn’t you list the non-manufacturing index for the US at 10, and why is your 430 event different?

  • PipSurfer

    Cosgrove- Man, I’m really messin up big time! I don’t know where i got those news events from. I must’ve been looking at a different date when I was writing this. Luckily I caught my mistake before I traded today so I was ok. I apologize deeply for that!

  • gryat

    -I- think you should read before you talk

  • cosgrove

    I’m using forexfactory.com for my news watching. They’ve got completely different impact ratings and more stories than the babypips tool, and they call the 430AM event “Services PMI” for the cable (which babypips’ does as well). Why didn’t you list the non-manufacturing index for the US at 10, and why is your 430 event different?

  • PipSurfer

    Cosgrove- Man, I’m really messin up big time! I don’t know where i got those news events from. I must’ve been looking at a different date when I was writing this. Luckily I caught my mistake before I traded today so I was ok. I apologize deeply for that!