Cowabunga System Daily Update: Wednesday, 03/19/08

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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 MPC Meeting Minutes

Today’s Surf

1:00am 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 2.0080 with a stop at the most recent swing high at 2.0123. Since I was 30 pips away from the nearest 50 or 00 level, I decided to put my initial target at 2.0050.

Entry: Short at 2.0080

Stop: 2.0123

Initial Target: 2.0050

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

4:45am EST- There was a valid signal here but because it was close to an important news report I did not enter.

entry2

Trade Result: -43 pips; R-Multiple: -1.00

News events to watch for tomorrow :
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  • gryat

    I didn’t enter at the new either. However, sometimes you keep trades as long as 15 minutes before a release. And sometimes even less. What’s the rule here?

  • PipSurfer

    If I’m already in a trade, then I’ll hold it right up until the news event. However, in this case I wasn’t in a trade yet. If I’m not in a trade, I probably won’t enter if its 30 minutes until news.

  • MissPips

    Hi Pip Surfer,

    I notice on WorldMarketHours that Japan is closed tomorrow (Vernal Equinox holidy on March 20 I think). Does this mean that it is better not to trade in the morning?

  • gryat

    I didn’t enter at the new either. However, sometimes you keep trades as long as 15 minutes before a release. And sometimes even less. What’s the rule here?

  • PipSurfer

    If I’m already in a trade, then I’ll hold it right up until the news event. However, in this case I wasn’t in a trade yet. If I’m not in a trade, I probably won’t enter if its 30 minutes until news.

  • MissPips

    Hi Pip Surfer,

    I notice on WorldMarketHours that Japan is closed tomorrow (Vernal Equinox holidy on March 20 I think). Does this mean that it is better not to trade in the morning?

  • PipSurfer

    No, it’s still ok to trade. If it is a UK or US holiday then I would hold off.

  • PipSurfer

    No, it’s still ok to trade. If it is a UK or US holiday then I would hold off.