Cowabunga System Daily Update: Thursday, 03/20/08
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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 Retail Sales
- 10:00am EST- US Philadelphia Fed Index
Today's Surf
3:30am 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 1.9817 with a stop at the most recent swing high at 1.9838. Since I was 17 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.9800.
Entry: Short at 1.9817
Stop: 1.9838
Initial Target: 1.9800
3:45am EST- My target was hit. Price did not make a clean break of my target so I took my final profit. I exited at 1.9802.
10:15am 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 1.9807 with a stop at the most recent swing high at 1.9838. Since I was only 7 pips away from the nearest 00 or 50 level (1.9800), I decided to go for the same amount of pips I was risking on the trade, which in this case was 31. This put my initial target at 1.9776.
Entry: Short at 1.9807
Stop: 1.9838
Initial Target: 1.9776
12:15pm EST- Unfortunately I was stopped out of my trade.
Trade Result: +15 -31= -16 pips; R-Multiple: 0.71; -1.00
News events to watch for tomorrow :
- Holiday- Good Friday- I will not be trading tomorrow or Monday!
Have a Happy Easter Everyone! I will begin trading again on Tuesday! Cowabunga Dudes!
Questions? Read the Cowabunga FAQ.
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Related Posts:
- Cowabunga System Daily Update: Wednesday, 03/19/08 13:19 19 March 2008
- Cowabunga System Daily Update: Monday, 03/31/08 13:17 31 March 2008
- Cowabunga System Daily Update: Tuesday, 03/11/08 13:13 11 March 2008
- Cowabunga System Daily Update: Thursday, 04/10/08 12:38 10 April 2008
- Cowabunga System Daily Update: Thursday, 07/31/08 15:51 31 July 2008
Comments (8)
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Forex Blog: Pip My System
hey..have a good weekend. Is it a bad idea to trade tomorrow? or Monday for that matter? Or is it just vacation time?
Since Easter is a big holiday, trading volume will be low, so YES it is a bad idea to trade :) Have a great weekend!
Thanks..have a good one!
Thanks Pip Surfer. Very instructional video today. It's much easier to understand your system when you can actually see it in action.
Happy Easter!
Thanks PipSurfer!!
Thanks, i still have great confidence in this system!
I got stopped out of the same trade. It kind of bothered me that the RSI and Stochastics on the four-hour chart seemed to have bottomed out and were coming back up. It looked like the four-hour chart could be approaching an EMA crossover back to the uptrend side. Could we add criteria that the four-hour RSI and stochastics can't be "coming back"?
Cheers for all the good work you are doing in ensuring that forex trading benefits all and at no cost....
I have been using the daily chat (RSI 14, stochastics and EMA 5,10 plus the MACD) and i can say the results have been positive so far...i found out that the shorter time frame (Ihr etc) gives me mixed results...i go long when the RSI is above 50 and BOTH stochastics are going up and go short when the signals are vice versa...
The other thing i factor in my trading is any economic data that is to be released on a particular day so as to reduce the probability of being called out of a trade because of spikes...in that respect i don't trade on the particular currencies that will be affected by the economic data (and that is like an hour before the release)...
I have been on this "formula" for a week...it would still be early to say whether this is a "complete" success or not...after all i got the idea from your writings and if it turns out to be a "total" success, then i owe you guys one!