Cowabunga System Daily Update: Tuesday, 03/18/08

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Still no voice…so sorry…still no video :(

Main Trend

Current Trend= The trend remained down the entire day.

Today I only looked for short trades.

News events to watch for today :
  • 5:30am EST- UK CPI
  • 8:30am EST- US PPI

Today’s Surf

1:30am EST- There was a moving average crossover for a short trade. RSI was less than 50, stochastics were trending down, and MACD went from positive to negative. This was a valid entry. The entry was at the close of the candle at 2.0010 with a stop at the most recent swing high at 2.0044. Since I was only 10 pips away from the nearest 50 or 00 level (2.0000), I decided to go for the same amount of pips I was risking on the trade, which in this case was 34. This put my initial target at 1.9976.

Entry: Short at 2.0010

Stop: 2.0044

Initial Target: 1.9976

3:15am EST- Unfortunately I was stopped out of my trade.

entry2

Trade Result: -34 pips; R-Multiple: -1.00

News events to watch for tomorrow :
  • 5:30am EST- UK MPC Meeting Minutes
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  • jsese

    Hey pip surfer, do you trade this for real money? The reason i not personal, it is because with the stops are usually 30-40 pips out and that is 300 to 400 $ at risk. this means that to trade this strategy based on my idea of not putting more than 2% risk in a trade, I could only trade 2 at a max 3 lots with 50K. Do you suggest one, two, or 3 lots? Or what do you do personally?
    Feel free to tell me to mind my own business..I won’t be offended.

  • jsese

    Hey pip surfer, do you trade this for real money? The reason i not personal, it is because with the stops are usually 30-40 pips out and that is 300 to 400 $ at risk. this means that to trade this strategy based on my idea of not putting more than 2% risk in a trade, I could only trade 2 at a max 3 lots with 50K. Do you suggest one, two, or 3 lots? Or what do you do personally?
    Feel free to tell me to mind my own business..I won’t be offended.