Cowabunga System Daily Update: Wednesday, 04/16/08
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Main Trend
Current Trend= The trend remained down until 8am EST. From 4am - 8am EST, a new trend change candle formed and changed the trend from down to UP. After 8am EST, the trend remained UP the rest of the day.
Today I only looked for short trades until 8am EST. After 8am EST, I only looked for long trades.
News events to watch for today :
- 4:30am EST- UK Average Earnings Index
- 8:30am EST- US Core CPI
Today's Surf
Unfortunately there were no signals today.
Trade Result: +0 pips : R-Multiple: N/A
News events to watch for tomorrow :
- 8:30am EST- US Unemployment Claims
- 10:00am EST- US Philadelphia Fed Index
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Related Posts:
- Cowabunga System Daily Update: Tuesday, 04/15/08 12:04 15 April 2008
- Cowabunga System Daily Update: Tuesday, 01/15/08 13:02 15 January 2008
- Cowabunga System Daily Update: Wednesday, 04/23/08 11:44 23 April 2008
- Cowabunga System Daily Update: Tuesday, 03/04/08 13:54 04 March 2008
- Cowabunga System Daily Update: Thursday, 05/01/08 14:54 01 May 2008
Comments (5)
Unfortunately at 10:00 am my chart showed a crossover and I entered at 10:15. It immediately went against me and at the same time eliminated the crossover. At the open of the 10:15 chart there was a valid signal....5 minutes later the signal was gone because the drop in the price brought it back below the cross level. I lost 17 pips on this trade. But what I want to know is how do YOU avoid getting into these? Did your chart not how the cross? Or did you make a decision to not enter?
I'm sure that was frustrating Jsese. My chart did not have the crossover - very close though. 10AM EDT bar / 5ema=1.9757 and 10ema=1.9758
I would add that crosses which begin with both averages nearly horizontal are more risky than a cross where the moving averages approach at an angle of say 25-30 or more degrees. It is also worth noting that the steeper the angle, the more of the move you just missed.
it is frustrating..my chart now shows 10 am 5ema 1.9757 and 10ema 1.9758..but when the 10:15 bar opened..it was above..and the drop at 10:15 is what brought it back below. I am upset...but oh well. Thanks for responding..I wanted to through my computer out the window!! haha. >:(
Hi Jsese,
What I do is I have charting software provided by CMS, which usually (but not always) shows charts like what Pip Surfer reports). I also use Metatrader software for charts and analysis. If the two do not agree (for example there is a cross on one but not on the other, which is exactly what happened in this case) I don't take the trade. Also if the two do not agree on the four hour trend or MACD ( their bars are two hours apart) I don't take the trade. This has kept me out of a lot of bad trades, because when the two do not agree, the reason is because the market is very choppy and this is not the best time to trade.
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