Cowabunga System Daily Update: Monday, 03/10/08

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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 :
  • 5:30am EDT- UK Industrial Production, PPI Input

Today’s Surf

12:30am 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 2.0195 with a stop at the most recent swing low at 2.0178. Since I was only 5 pips away from the nearest 50 or 00 level (2.0200), I decided to go for the same amount of pips I was risking on the trade, which in this case was 17. This put my initial target at 2.0212.

Entry: Long at 2.0195

Stop: 2.0178

Initial Target: 2.0212

5:15am EDT- There was a valid signal here but because it was right before news, I did not enter.

entry2

Trade Result: -17 pips; R-Multiple: -1.00

News events to watch for tomorrow :
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  • MissPips

    Hi Pip Surfer,

    I think you posted the screenshot of last Friday’s trade.

    Thanks for all your hard work. Really helps!

  • benem

    Hallo PIP SURFER,sorry for my silly question but i think today you entered one hour befor the GMT time.I’m writing from Italy and here in Europe nobody has change the daylight saving time yet,and since the gbp/usd should be referred mostly to the London session i think that’s the time that we should consider.Am i wrong???

    Thanks for your wonderful work.
    All the best.

  • MissPips

    Hi Pip Surfer,

    I think you posted the screenshot of last Friday’s trade.

    Thanks for all your hard work. Really helps!

  • meza

    Hi Pip Surfer, I entered at 5.15am EDT only because the economic calendar on this site did not indicate that there were any news due at 5.30am (the only news indicated were due at 10am EDT). I see that today that error has been corrected and all news events are shown.

    What site do you use to get reliable news information?

    Regards

    Meza

  • meza

    Hi Pip Surfer, I entered at 5.15am EDT only because the economic calendar on this site did not indicate that there were any news due at 5.30am (the only news indicated were due at 10am EDT). I see that today that error has been corrected and all news events are shown.

    What site do you use to get reliable news information?

    Regards

    Meza