Cowabunga System Daily Update: Wednesday, 01/09/08

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Main Trend

trend2

Current Trend= The trend remained down the entire day.

Today I only looked for short trades.

Today’s Surf

12:45am EDT- There was a moving average crossover for a short trade. RSI was less than 50, stochastics were trending down, and MACD went from positive to negative. This was a valid entry. The entry was at the close of the candle at 1.9734 with a stop at the most recent swing high at 1.9762. Since I was 34 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.9700.

Entry: Short at 1.9734

Stop: 1.9762

Initial Target: 1.9700

2:00am EDT- My target was hit. Price did not make a clean break so I took my final profit. I exited at 1.9702.

entry2

Trade Result: +32 pips; R-Multiple: 1.14

News events to watch for Monday :
  • 4:30am EDT- GBP Trade Balance
  • 7:00am EDT- GBP Interest Rate Statement
  • 8:30am EDT- US Unemployment Claims
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  • cristi12

    I missed It cause I was asleep. damn those timezones…

  • cyclone_35

    I missed it because my EMAs didn’t cross the same as on the Xtick charts…dman that software

  • cristi12

    I missed It cause I was asleep. damn those timezones…

  • cyclone_35

    I missed it because my EMAs didn’t cross the same as on the Xtick charts…dman that software

  • JosefBenjamin

    You guys, you missed nothing, moves like this happens alot more frequently then you think. It helps if you are full time, but if your mostly part-time, you can catch alot of big moves like this.

  • JosefBenjamin

    You guys, you missed nothing, moves like this happens alot more frequently then you think. It helps if you are full time, but if your mostly part-time, you can catch alot of big moves like this.

  • microsuck_360

    “Today I only looked for long trades.” = missed typo?

  • PipSurfer

    Thanks for the catch dude!

  • microsuck_360

    “Today I only looked for long trades.” = missed typo?

  • PipSurfer

    Thanks for the catch dude!