Cowabunga System Daily Update: Tuesday, 04/29/08

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Main Trend

Current Trend= The trend remained up until 8am EST. From 4am – 8am EST, a new trend change candle formed and changed the trend from up to DOWN. After 8am EST, the trend remained down the rest of the day.

Today I only looked for long trades until 8am EST. After 8am EST, I only looked for short trades.

News events to watch for today :

Today’s Surf

12:00am EST- There was a moving average crossover for a long trade. RSI was greater than 50, stochastics were trending up, and MACD went from negative to positive. This was a valid entry. The entry was at the close of the candle at 1.9904 with a stop at the most recent swing low at 1.9890. Since I was 46 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.9950.

Entry: Long at 1.9904

Stop: 1.9890

Initial Target: 1.9950

1:30am EST- Unfortunately I was stopped out of my trade.

10:30am 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 1.9720 with a stop at the most recent swing high at 1.9767. Since I was 20 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.9700.

Entry: Short at 1.9720

Stop: 1.9767

Initial Target: 1.9700

1:00pm EST- My target was hit. Price did not make a clean break so I took my final profit. I exited at 1.9697.

entry2

Trade Result: -14 +23= +9 pips : R-Multiple: -1.00; 0.49

News events to watch for tomorrow :
  • 2:00am EST- UK Nationwide Houe Prices
  • 8:15am EST- US ADP Nonfarm Employment Change
  • 8:30am EST- US Advance GDP
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8 comments

  1. nixsyed

    Hi, i have been religously folowing your system for quite some time now, Great Job ! – Just a question, I know that you look for trades after 12:00 am and close out positions at 4:00 pm, however, what is the last time that you would make a trade ?, so you trade upto the 4:00 pm cut off time ?

    Reply
  2. nixsyed

    Hi, i have been religously folowing your system for quite some time now, Great Job ! – Just a question, I know that you look for trades after 12:00 am and close out positions at 4:00 pm, however, what is the last time that you would make a trade ?, so you trade upto the 4:00 pm cut off time ?

    Reply
  3. Pip SurferPipSurfer

    nixseyed- Thanks for the kind words. I actually only look for trades until 12pm EST (Noon). If I am in a trade by then and my target isn’t hit by that time, I’ll hold it to as late as 4pm EST.

    sineth- My time frame is on EST

    gryat- I will enter trades right after news. It’s only right before the news that I worry about. Hope that helps!

    Reply
  4. Pip SurferPipSurfer

    nixseyed- Thanks for the kind words. I actually only look for trades until 12pm EST (Noon). If I am in a trade by then and my target isn’t hit by that time, I’ll hold it to as late as 4pm EST.

    sineth- My time frame is on EST

    gryat- I will enter trades right after news. It’s only right before the news that I worry about. Hope that helps!

    Reply

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