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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 :
- 4:30am EST- UK Retail Sales
- 8:30am EST- US Durable Goods Orders
- 10:00am EST- US New Home Sales
Today's Surf
12:45am EST- There was a moving average crossover for a short trade. RSI was less than 50, stochastics were trending down, and MACD was positive and losing value. This was a valid entry. The entry was at the close of the candle at 1.9791 with a stop at the most recent swing high at 1.9801. Since I was 41 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.9750.
Entry: Short at 1.9791
Stop: 1.9801
Initial Target: 1.9750
2:30am EST- My target was hit. Price did not make a clean break so I took my final profit. I exited at 1.9752.
Trade Result: +39 pips : R-Multiple: 3.90
News events to watch for tomorrow :
- 4:30am EST- UK GDP
- 10:00am EST- US Consumer Sentiment
Questions? Read the Cowabunga FAQ.
Want to discuss the Cowabunga System? Visit our Forums.
Related Posts:
- Cowabunga System Daily Update: Tuesday, 04/22/08 12:05 22 April 2008
- Cowabunga System Daily Update: Thursday, 04/17/08 12:27 17 April 2008
- Cowabunga System Daily Update: Wednesday, 04/23/08 11:44 23 April 2008
- Cowabunga System Daily Update: Tuesday, 02/26/08 12:42 26 February 2008
- Cowabunga System Daily Update: Monday, 05/05/08 13:34 05 May 2008
Archived Comments (10)
Hey..did anyone realize that todays trade was exactly the same as tuesday"s trade? I just thought that was cool...
Take care.
I noticed that too...
Hi i'm a little confused on the time frames I thought we were only supposed to be looking for trades between 0800 - 1700GMT(0300 - 1200EST)? But this trade was placed at 12:45est?
Sorry i'm in new zealand and finding it hard to get my head around all the different time zones lol.
Trading hours are 12:01 am EST to 16:00 Eastern time (Standard or Daylight, as appropriate). Valid signals must occur after 12 am EST and before 12 noon EST. If you take a signal that occurs close to noon, you must close it by 16:00 Eastern time whether it is in profit or loss, according to the rules. Although Pip Surfer is currently logging trades at (for example) 12:45 EST, actually I believe that is actually 12:45 EDT now since it is daylight savings time now in the Eastern US.
Ah i see. I was just working off 12th grade - market hours in the forex school >
Owel this way gives more time to look for trades atleast.
Hi, please explain me the concept of this "clean break".
Clean break for me too, please!
Check the FAQ for details on clean break. Essentially he is looking at the price action and seeing if it is blowing past the target price with momentum. If it is, he'll ride the trend a bit more, if it is just squeaking by, then he simply takes his profit.
I had checked the FAQ before, the only thing was not clear that how is it possible if there is an auto profit target, but no I understand that there is no auto target, his profit target is taken manually, right?
Go back and listen to the videos PipSurfer posted. In one of them he explains how he does a clean break, and you get to watch it in action in the video, which is much more helpful than just reading about it. (I don't remember which one, but there aren't that many so far.)