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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10 comments

  1. 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.

    Reply
  2. 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.

    Reply

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