Cowabunga System Daily Update: 02/15/07
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Main Trend
Current Trend= Trend stayed up the entire day.
Today I only looked for long trades.
Today's Surf
At 8:15 pm ET, 11:15 pm ET, and 3:15 am ET there were moving average crossovers for long trades but because MACD was positive it negated the signal and kept us out of the market. At 9:00 am ET we had a valid signal. Moving average crossover, RSI>50, Stochastics were trending up and MACD was negative and gaining value. However, this was a news candle (TIC report) and part of our rules is to not take signals that occur on news candles. So we had a lot of teasers, but no actual entries. We'll have to wait until tomorrow to see if the market gives us anything good.
Trade Result: +0 pips
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Archived Comments (3)
Forex Blog: Pip My System
Good trades (or lack thereof). Saved 4Rs !!! woohoo !
hi, i know this is a basic question but i am new to this. say rsi was a tick over 50, say 52, 53. would the entry be invalid even if all other things were in place, and the rsi was technically above 50?. in the case of a short. also can entry be applied to the next candle if the trend and all other indicators are in place?
thanks
ccahill
ccahill- As long as the value is above/below 50 for RSI then it is valid, no matter which way it's pointing.
Late entries are riskier but they do win sometimes. Sometimes RSI will lag and if on the next candle it catches up with the rest of the criteria, and everything still looks good, then you can still have a valid entry.