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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4 comments

  1. RAPTOR5910

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

    THANKS,
    RAPTOR5910

    Reply
  2. RAPTOR5910

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

    THANKS,
    RAPTOR5910

    Reply
  3. 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.

    Reply
  4. 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.

    Reply

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