Cowabunga System Daily Update: Friday, 04/04/08

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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 up the entire day.

Today I only looked for long trades.

News events to watch for today :

Today’s Surf

1:00am EST- There was a moving average crossover for a long trade. RSI was greater than 50, stochastics were trending up, and MACD was negative and gaining value. This was a valid entry. The entry was at the close of the candle at 1.9949 with a stop at the most recent swing low at 1.9926. Since I was only 1 pip away from the nearest 50 or 00 level (1.9950), I decided to go for the same amount of pips I was risking on the trade, which in this case was 23. This put my initial target at 1.9972.

Entry: Long at 1.9949

Stop: 1.9926

Initial Target: 1.9972

3:15am EST- My target was hit. Price did not make a clean break of my target so I took my final profit. I was able to exit right at 1.9972.

7:30am EST- There was no signal here because stochastics were trending down.

8:00am EST- I did not enter because it was right before the NFP report.

entry2

Trade Result: +23 pips; R-Multiple: 1.00

News events to watch for tomorrow :
  • None
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  • yschan_84

    i got the same trade too! cheers!

  • yschan_84

    i got the same trade too! cheers!

  • meza

    Hi

    In relation to the NFP report candle at 13.30GMT,Babypips economic calendar shows that this should have been at 12.30pm GMT not 13.30GMT (or 7.30am EST and not 8.30am as you have indicated). Could you please advise whether the time shown on the Babypips economic calendar is correct.

    Thanks, Meza

  • meza

    Hi

    In relation to the NFP report candle at 13.30GMT,Babypips economic calendar shows that this should have been at 12.30pm GMT not 13.30GMT (or 7.30am EST and not 8.30am as you have indicated). Could you please advise whether the time shown on the Babypips economic calendar is correct.

    Thanks, Meza