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.

entry2

Trade Result: +0 pips : R-Multiple: N/A

News events to watch for tomorrow :
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  • jsese

    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?

  • jsese

    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?

  • PipDaddy

    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

  • PipDaddy

    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.

  • jsese

    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. >:(

  • PipDaddy

    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

  • PipDaddy

    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.

  • jsese

    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. >:(

  • MissPips

    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.

  • MissPips

    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.