Cowabunga System Daily Update: Thursday, 02/28/08

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Main Trend

Current Trend= The trend remained up the entire day.

Today I only looked for long trades.

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

Today’s Surf

4:15am 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 1.9813 with a stop at the most recent swing low at 1.9761. Since I was 37 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.9850.

Entry: Long at 1.9813
Stop: 1.9761
Initial Target: 1.9850

7:45am EDT– My target was hit! Price did make a slightly clean break, but I was lazy and just took my final profit. From now on I think if the price doesn’t make a clean break of my target by at least 5 pips, I will just go ahead and take my final profit at whatever the candle closes at. It just saves me some clicking 🙂

entry2

Trade Result: +37 pips; R-Multiple: 0.71

News events to watch for tomorrow :
  • 2:00am EDT- GBP Nationwide House Prices
  • 4:30am EDT– GBP Net Lending to Individuals
  • 8:30am EDT– US Core PCE Price Index, Personal Spending
  • 9:45am EDT– US Chicago PMI
  • 10:00am EDTUS Consumer Sentiment
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