Cowabunga System Daily Update: Wednesday, 02/27/08

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Main Trend

Current Trend= The trend remained up the entire day.

Today I only looked for long trades.

Today’s Surf

9:30am 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 1.9887 with a stop at the most recent swing low at 1.9824. Since I was 13 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.9900.

Entry: Long at 1.9887

Stop: 1.9824

Initial Target: 1.9900

9:45am EDT- My target was hit! Price did make a slightly clean break, but I was lazy and just took my final profit.

entry2

Trade Result: +13 pips; R-Multiple: 0.20

News events to watch for tomorrow :
  • 8:30am EDT- US Preliminary GDP Annualized
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  • gailellis

    Hi Pip Surfer,

    I’ve noticed that you ususally exit your trades on the candle that closes 15 minutes before a “news event to watch out for”. Since this signal was given on a candle that closed 15 minutes before New Home sales (opened 9:30,closed 9:45, New Home sales at 10:00), could you comment on why you took it? Was there something especially positive looking about this particular trade?

  • PipSurfer

    Hi Gailellis- I took this one because it looked like there was a lot of momentum going on with the candle. Great question!

  • jsd1004

    Just an observation on xtick. Around 4am Est xtick seemed to lose touch with the forex feed as can be seen by the jump in your chart above to realign itself. My experience has shown this happens a lot. What do you think?

  • gailellis

    Hi Pip Surfer,

    I’ve noticed that you ususally exit your trades on the candle that closes 15 minutes before a “news event to watch out for”. Since this signal was given on a candle that closed 15 minutes before New Home sales (opened 9:30,closed 9:45, New Home sales at 10:00), could you comment on why you took it? Was there something especially positive looking about this particular trade?

  • PipSurfer

    Hi Gailellis- I took this one because it looked like there was a lot of momentum going on with the candle. Great question!

  • jsd1004

    Just an observation on xtick. Around 4am Est xtick seemed to lose touch with the forex feed as can be seen by the jump in your chart above to realign itself. My experience has shown this happens a lot. What do you think?

  • gailellis

    Thanks, I saw that too, but I’m trying to follow the system religiously, so I didn’t take it. In the future I will keept that in mind.

  • gailellis

    Thanks, I saw that too, but I’m trying to follow the system religiously, so I didn’t take it. In the future I will keept that in mind.