Cowabunga System Daily Update: Thursday, 03/12/08

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Sorry, there is no video update today because I got sick yesterday and my voice is practically gone!  

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

3:00am EST- 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 2.0296 with a stop at the most recent swing low at 2.0286. I’m only 4 pips away from the nearest 50 or 00 level (2.0300) and even if I only go for the same amount of pips I’m risking on the trade, I’m only looking at about 10 pips of profit, not even including the spread. Either way, both profit targets are extremely small but I decide to at least try and go for 10 pips. This puts my initial target at 2.0306.

Entry: Long at 2.0296

Stop: 2.0286

Initial Target: 2.0306

3:15am EST- My target is hit. Price makes a very nice break of my target so I move my stop loss to 2.0306 and set my next target for 2.0350.

3:45am EST- My 2nd target is hit at 2.0350. This time, the price does not make a clean break of my target, so I take my final profit. I manged to exit at 2.0349.

9:45am EST- 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 2.0369 with a stop at the most recent swing low at 2.0337. Since I’m 31 pips away from the nearest 50 or 00 level, I decided to put my initial target at 2.0400.

Entry: Long at 2.0369

Stop: 2.0337

Initial Target: 2.0400

11:00am EST- Unfortunately I was stopped out of my trade.

entry2

Trade Result: +53 -32= +21 pips; R-Multiple: 5.30; -1.00

News events to watch for tomorrow :
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  • gryat

    Look man, you have to answer this. When your second target at the first trade (2.0350) was hit, HOW could you know that the price was going to close beneath the 2.0350 level before it closed.

    You said you manage to wxit at 2.0349, but the candle didn’t close until waaay below that. So how did you know that you were gonna exit there?

  • gryat

    Look man, you have to answer this. When your second target at the first trade (2.0350) was hit, HOW could you know that the price was going to close beneath the 2.0350 level before it closed.

    You said you manage to wxit at 2.0349, but the candle didn’t close until waaay below that. So how did you know that you were gonna exit there?

  • PipSurfer

    The thing is I don’t know. If I closed out my trade and the price continued to go my way, then it would’ve been a shame because I could’ve grabbed more pips. But then you have to ask yourself….you’ve grabbed 50+ pips already..shouldn’t you be satisfied? Truth is, I was happy with what I gained seeing that I had gotten an R-multiple of over 5 at that point. If I missed out on pips then I still would’ve been satisfied :)

  • PipSurfer

    The thing is I don’t know. If I closed out my trade and the price continued to go my way, then it would’ve been a shame because I could’ve grabbed more pips. But then you have to ask yourself….you’ve grabbed 50+ pips already..shouldn’t you be satisfied? Truth is, I was happy with what I gained seeing that I had gotten an R-multiple of over 5 at that point. If I missed out on pips then I still would’ve been satisfied :)