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 :
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.
Trade Result: +43 -49 +12= +6 pips; R-Multiple: 1.87; -1.00, 0.15
News events to watch for tomorrow :
- 4:30am EST- UK Manufacturing PMI
- 10:00am EST- US ISM Manufacturing Index
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Related Posts:
- Cowabunga System Daily Update: Monday, 04/07/08 13:28 07 April 2008
- Cowabunga System Daily Update: Thursday, 04/03/08 13:40 03 April 2008
- Cowabunga System Daily Update: 09/18/07 14:05 18 September 2007
- Cowabunga System Daily Update: Monday, 04/28/08 12:42 28 April 2008
- Cowabunga System Daily Update: Wednesday, 03/05/08 13:33 05 March 2008
Archived Comments (4)
Forex Blog: Pip My System
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?
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
Dude! You forgot the 10 AM news, ISM Manufacturing Index. You should have stopped the trade at 09.45 for breakeaven
Correct me if i am wrong but in the first trade MACD was already negative. Just visable above..