Cowabunga System Daily Update: Wednesday, 04/02/08

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

Sorry dudes. No video today! I promise I’ll put one up when I have some time!

Main Trend

Current Trend= The trend remained down the entire day.

Today I only looked for short trades.

News events to watch for today :
  • 8:15am EST- ADP Nonfarm Employment Change
  • 9:30am EST- Fed Chairman Ben Bernanke Speaks

Today’s Surf

1:15am 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 1.9756 with a stop at the most recent swing high at 1.9782. Since I was only 6 pips away from the nearest 50 or 00 level (1.9750), I decided to go for the same amount of pips I was risking on the trade, which in this case was 26. This put my initial target at 1.9730.

Entry: Short at 1.9756

Stop: 1.9782

Initial Target: 1.9730

1:30am EST- Unfortunately I was stopped out of my trade.

entry2

Trade Result: -26 pips; R-Multiple: -1.00

News events to watch for tomorrow :
  • 4:30am EST- UK Services PMI
  • 10:00am EST- US ISM Non-Manufacturing Composite
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  • RAPTOR5910

    SURFER DUDE, WHAT RSI DO YOU RECCOMEND USING WITH THE
    COWABONGA SYSTEM 9EMA OR 9SMA

    THANKS,
    RAPTOR5910

  • RAPTOR5910

    SURFER DUDE, WHAT RSI DO YOU RECCOMEND USING WITH THE
    COWABONGA SYSTEM 9EMA OR 9SMA

    THANKS,
    RAPTOR5910

  • drfx

    How and where do you report forex trading gains/losses on Tax returns in form 1040.
    Can we use Schedule D for this purpose.
    Please, can any body help me out.

  • drfx

    How and where do you report forex trading gains/losses on Tax returns in form 1040.
    Can we use Schedule D for this purpose.
    Please, can any body help me out.