Cowabunga System Daily Update: Wednesday, 04/09/08

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 the time. Unfortunately trading is not the only thing in my life :)

Main Trend

Current Trend= The trend remained down the entire day.

Today I only looked for short trades.

News events to watch for today :
  • 4:30am EST- UK Industrial Production
  • 9:30am EST- US Fed Chairman, Bernanke speaks

Today’s Surf

6:15am 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 1.9681 with a stop at the most recent swing high at 1.9724. Since I was 31 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.9650.

Entry: Short at 1.9681

Stop: 1.9724

Initial Target: 1.9650

7:45am EST- Unfortunately I was stopped out of my trade. Yikes!

entry2

Trade Result: -43 pips: R-Multiple: -1.00

News events to watch for tomorrow :
  • 7:00am EST- BOE Interest Rate Statement
  • 8:30am EST- US Trade Balance; Unemployment Claims
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  • benl

    thanks for the response yesterday about the spread. yes, makes sense. do you account for the spread on your track record?

  • benl

    thanks for the response yesterday about the spread. yes, makes sense. do you account for the spread on your track record?

  • PipSurfer

    benl- another good question! No the track record does not include spreads. So on some days where I say +3, I’m actually slightly negative because of the spread. Hope that clears things up! Happy trading!

  • DavidRieger

    Just an observation. the 4 hr graph GBP/USD was tending to show indicision round about the time that the above trade was executed. RSI had been showing oversold for a long time as well. would those not signal caution into going short?

  • PipSurfer

    benl- another good question! No the track record does not include spreads. So on some days where I say +3, I’m actually slightly negative because of the spread. Hope that clears things up! Happy trading!

  • DavidRieger

    Just an observation. the 4 hr graph GBP/USD was tending to show indicision round about the time that the above trade was executed. RSI had been showing oversold for a long time as well. would those not signal caution into going short?