Cowabunga System Daily Update: Monday, 03/31/08

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

Sorry I didn’t have enough time to make a video dudes!

Main Trend

Current Trend= The trend remained down the entire day.

Today I only looked for short trades.

News events to watch for today :
  • None

Today’s Surf

12:00am 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 1.9945 with a stop at the most recent swing high at 1.9968. Since I was 45 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.9900.

Entry: Short at 1.9945
Stop: 1.9968
Initial Target: 1.9900

1:45am EST– My target was hit. Price did not make a clean break so I took my final profit. I exited at 1.9902.

7:00am 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 1.9856 with a stop at the most recent swing high at 1.9905. Since I was only 6 pips away from the nearest 50 or 00 level (1.9850), I decided to go for the same amount of pips I was risking on the trade which in this case was 49. This put my initial target at 1.9807.

Entry: Short at 1.9856
Stop: 1.9905
Initial Target: 1.9807

10:00am EST– Unfortunately I was stopped out of my trade.

11:15am 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 1.9865 with a stop at the most recent swing high at 1.9943. Since I was 15 pips away from the nearest 50 or 00 level I decided to put my initial target at 1.9850.

Entry: Short at 1.9865
Stop: 1.9943
Initial Target: 1.9850

11:30am EST– My target was hit. Price did not make a clean break so I took my final profit. I exited at 1.9853.

entry2

Trade Result: +43 -49 +12= +6 pips; R-Multiple: 1.87; -1.00, 0.15

News events to watch for tomorrow :
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  • jsese

    Welcome back man…It’s cool I guess that I was in all those trades, my problem is that in the first trade I put my limit at 25 pip profit because I was going to sleep and decided to put my limit at the same amount I was risking. On the 7:15 trade I lost the same 50 pips as you so I was down 25 and on the third since my stop was so high and I got in at 1.9857 (to close to the 50 level) I went for 40 pips. Needles to say I am still in the trade and hoping I get something better before 4pm when I will close it. Two people, same strategy, and such different results. Power to you man. I regret the limit on the original trade, but since I got in so low on the third trade, was it wrong to place my limit at 40 pips?

  • jsese

    Ok..I just closed the third trade @1.9825 for a 32 pips gain. So I made 25, lost 50, then made 32 for a total of +7 pips. The end result was basically the same, though the means were different…oh and by the way, it was cool that you answered questions on your video…
    Take care

  • gryat

    Dude! You forgot the 10 AM news, ISM Manufacturing Index. You should have stopped the trade at 09.45 for breakeaven

  • jsese

    Welcome back man…It’s cool I guess that I was in all those trades, my problem is that in the first trade I put my limit at 25 pip profit because I was going to sleep and decided to put my limit at the same amount I was risking. On the 7:15 trade I lost the same 50 pips as you so I was down 25 and on the third since my stop was so high and I got in at 1.9857 (to close to the 50 level) I went for 40 pips. Needles to say I am still in the trade and hoping I get something better before 4pm when I will close it. Two people, same strategy, and such different results. Power to you man. I regret the limit on the original trade, but since I got in so low on the third trade, was it wrong to place my limit at 40 pips?

  • jsese

    Ok..I just closed the third trade @1.9825 for a 32 pips gain. So I made 25, lost 50, then made 32 for a total of +7 pips. The end result was basically the same, though the means were different…oh and by the way, it was cool that you answered questions on your video…
    Take care

  • jsd1004

    Correct me if i am wrong but in the first trade MACD was already negative. Just visable above..

  • gryat

    Dude! You forgot the 10 AM news, ISM Manufacturing Index. You should have stopped the trade at 09.45 for breakeaven

  • jsd1004

    Correct me if i am wrong but in the first trade MACD was already negative. Just visable above..