Cowabunga System Daily Update: Tuesday, 03/11/08

If this is your first time visiting this blog, read this first!

 

Main Trend

Current Trend= The trend remained down the entire day.

Today I only looked for short trades.

News events to watch for today :

Today's Surf

1:00am EST- There was a moving average crossover for a short trade. RSI was less than 50, MACD was positive and losing value, but stochastics were not trending up. This cancelled out the signal and I did not enter.

2:45am EST- There was a moving average crossover for a short trade. RSI was less than 50, stochastics were trending down, and MACD was positive and losing value. This was a valid entry. The entry was at the close of the candle at 2.0060 with a stop at the most recent swing high at 2.0090. Since I was only 10 pips away from the nearest 50 or 00 level (2.0050), I decided to go for the same amount of pips I was risking on the trade, which in this case was 30. This put my initial target at 2.0030.

Entry: Long at 2.0060
Stop: 2.0090
Initial Target: 2.0030

3:30am EST- Unfortunately I was stopped out of my trade.

entry2

Trade Result: -30 pips; R-Multiple: -1.00

News events to watch for tomorrow :
  • 5:30am EST- UK Trade Balance
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Comments (9)

Way cool!!!!!!! So much more useful than just reading about it. Thanks for all your hard work!
Well done on the video, really enjoyed it. My question is this, what other pairs tend to to trend well since this systems seems to work best on a trending market?
Awesome Dude! very cool that you now have a video.
Awesome video!
Awesome video!
Thanks for the video... It really helped!!! Please keep up the good work. Thank You!!!
One question... How do you get the candle to change purple? Thanks
Thanks for the video. Your system is great! One comment. My MACD was already negative at 2:45am (value negative and signal negative and rising).
Great video... I really appreciate the way you apply the rules.... no catching at straws....Really great... plan trade and trade plan. Thanks

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