Cowabunga System Daily Update: Wednesday, 04/02/08
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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.
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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Related Posts:
- Cowabunga System Daily Update: Monday, 05/05/08 13:34 05 May 2008
- Cowabunga System Daily Update: Wednesday, 04/09/08 12:31 09 April 2008
- Cowabunga System Daily Update: Tuesday, 04/01/08 12:59 01 April 2008
- Cowabunga System Daily Update: Thursday, 04/03/08 13:40 03 April 2008
- Cowabunga System Daily Update: Tuesday, 03/18/08 13:02 18 March 2008
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