Cowabunga System Daily Update: Tuesday, 02/26/08

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

Main Trend

Current Trend= The trend remained up the entire day.

Today I only looked for long trades.

Today’s Surf

2:00am EDT– There was a moving average crossover for a long trade. RSI was greater than 50, stochastics were trending up, and MACD went from negative to positive. This was a valid entry. The entry was at the close of the candle at 1.9666 with a stop at the most recent swing low at 1.9641. Since I was 34 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.9700.

Entry: Long at 1.9666

Stop: 1.9641

Initial Target: 1.9700

4:15am EDT– My target was not hit by this time. I knew that news was coming out at 4:30am EDT, so I decided to close my trade out. I exited at 1.9668.

10:30am 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 1.9729 with a stop at the most recent swing low at 1.9715. Since I was 21 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.9750.

Entry: Long at 1.9729

Stop: 1.9715

Initial Target: 1.9750

11:15am EDT– Unfortunately I was stopped out of my trade.

12:00pm EDT– Note that there was a valid signal here and some of you might have taken it for a nice profit. According to my rules I don’t enter signals after 12:00pm EDT so I decided to stay out of this one. Unfortunately for me, I missed a nice trade here!

entry2

Trade Result: +2 -14= -12 pips; R-Multiple: 0.08; -1.00

News events to watch for tomorrow :
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  • vbrown5897

    Hi Pipsurfer, are you still using the macd from Xtick. All my other indicators seem correct. I just started with Xtick Professional. I have followed your instructions exactly. My other charting software shows the macd just fine. What could be wrong?

  • gryat

    Actually the last signal came at 11:55 ET

  • gailellis

    Hi Pipsurfer,

    Glad to see you back! Missed your blog!

  • jsd1004

    Good to see you back..caught that late swell. Happy days..

  • vbrown5897

    Hi Pipsurfer, are you still using the macd from Xtick. All my other indicators seem correct. I just started with Xtick Professional. I have followed your instructions exactly. My other charting software shows the macd just fine. What could be wrong?

  • gryat

    Actually the last signal came at 11:55 ET

  • gailellis

    Hi Pipsurfer,

    Glad to see you back! Missed your blog!

  • jsd1004

    Good to see you back..caught that late swell. Happy days..