Cowabunga System Daily Update: Friday, 04/11/08
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Main Trend
Current Trend= The trend remained down the entire day.
Today I only looked for short trades.
News events to watch for today :
- None
Today's Surf
12:45am EST- There was almost a signal here but MACD was already negative so it cancelled it out. No entry!
5:15am 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 1.9734 with a stop at the most recent swing high at 1.9766. Since I was 34 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.9700.
Entry: Short at 1.9734
Stop: 1.9766
Initial Target: 1.9700
8:45am EST- My target was hit. Price did not make a clean break so I took my final profit. I managed to exit right at 1.9700 where the candle closed.
Trade Result: +34 pips: R-Multiple: 1.06
News events to watch for Monday :
- 4:30am EST- UK PPI Input
- 8:30am EST- US Retail Sales
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Related Posts:
- Cowabunga System Daily Update: Wednesday, 01/09/08 12:19 09 January 2008
- Cowabunga System Daily Update: Monday, 04/14/08 12:23 14 April 2008
- Cowabunga System Daily Update: Thursday, 01/17/08 14:34 17 January 2008
- Cowabunga System Daily Update: Friday, 01/04/08 16:31 04 January 2008
- Cowabunga System Daily Update: Friday, 05/09/08 16:22 09 May 2008
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