Cowabunga System Daily Update: Friday, 03/07/08

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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 :

Today’s Surf

3:45am EDT- There was a moving average crossover for a long trade. RSI was greater than 50, MACD was negative and gaining value, but stochastics were not trending up. This cancelled out the signal and I did not enter.

6:15am 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 2.0132 with a stop at the most recent swing low at 2.0115. Since I was 18 pips away from the nearest 50 or 00 level, I decided to put my initial target at 2.0150.

Entry: Long at 2.0132

Stop: 2.0115

Initial Target: 2.0150

8:00am EDT- My target was hit. Price made a clean break so I moved my stop to 2.0150 and set my next target for 2.0200.

8:15am EDT- My 2nd target was not hit by this time and I knew that NFP was coming out at 8:30am EDT. I went ahead and closed my trade at 2.0181.

entry2

Trade Result: +49 pips; R-Multiple: 2.88

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  • gryat

    To get out 47 pips you would have to close the trade 5-10 minutes before the news.

    Isn’t the rule to close out the trade 15 minutes before the news?

  • gryat

    To get out 47 pips you would have to close the trade 5-10 minutes before the news.

    Isn’t the rule to close out the trade 15 minutes before the news?