Cowabunga System Daily Update: Friday, 12/14/07

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

Main Trend

Current Trend= The trend remained down the entire day.

Today I only looked for short trades.

Today’s Surf

2:15am EDT- There was a moving average crossover for a short trade. RSI was less than 50, stochastics were trending down, and MACD was positive and losing value. This was a valid entry. The entry was at the close of the candle at 2.0396 with a stop at the most recent swing high at 2.0446. Since I was 46 pips away from the nearest 50 or 00 level, I decided to put my target at 2.0350

Entry: Short at 2.0396

Stop: 2.0446

Initial Target: 2.0350

4:15am EDT- My target was hit. Price didn’t make a clean break so I took my final profit. I managed to exit at 2.0352

Trade Result: +44 pips; R-Multiple: 0.88

News events to watch for tomorrow :
  • 9:00am EDT- US TIC Data

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

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  • fredde

    Hello pipsurfer! Im just wondering if you missed the short trade yesterday the 13 at 1:30 est pm. Maybe I have missed something.

    Cheers
    Fredde

  • fredde

    Hello pipsurfer! Im just wondering if you missed the short trade yesterday the 13 at 1:30 est pm. Maybe I have missed something.

    Cheers
    Fredde

  • gryat

    Too bad the price didn’t make a clean break since that would’ve given us another 100 pips :O

  • gryat

    Too bad the price didn’t make a clean break since that would’ve given us another 100 pips :O

  • malikkal

    Hi PipSurfer, A small request. [1] What do you mean by “price making a clean break’? [2] What are the trend change candles that you look for in the 240 mins timeframe, to determine whether to go long or short in the 15 mins time frame.

    ./Siva

  • malikkal

    Hi PipSurfer, A small request. [1] What do you mean by “price making a clean break’? [2] What are the trend change candles that you look for in the 240 mins timeframe, to determine whether to go long or short in the 15 mins time frame.

    ./Siva

  • PipSurfer

    fredde- I stop taking trades after 12pm EDT which is why I did not enter

    gryat- I know what you mean! Thats the way it goes sometimes :(

    Mailikkal- check out the “read me first” at the top of this post. That should help get you started.

    Happy trading everyone!

  • PipSurfer

    fredde- I stop taking trades after 12pm EDT which is why I did not enter

    gryat- I know what you mean! Thats the way it goes sometimes :(

    Mailikkal- check out the “read me first” at the top of this post. That should help get you started.

    Happy trading everyone!