Cowabunga System Daily Update: Monday, 05/05/08

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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 :
  • 10:00am EST– US Non Manufacturing Composite

Today’s Surf

4:00am 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 1.9755 with a stop at the most recent swing high at 1.9783. Since I was only 5 pips away from the nearest 50 or 00 level (1.9750), I decided to go for the same amount of pips I was risking on the trade, which in this case was 28 pips. This put my initial target at 1.9727.

Entry: Short at 1.9755

Stop: 1.9783

Initial Target: 1.9727

4:30am EST– My target was hit. Price did not make a clean break of my target so I took my final profit. I exited at 1.9730.

entry2

Trade Result: +25 pips : R-Multiple: 0.89

News events to watch for tomorrow :
  • 4:30am EST– UK Services PMI
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  • MissPips

    Hi PipSurfer,

    I noticed you took this trade even though it was a holiday in Japan and in the UK. Anything special about this trade that made you take it anyway?

  • jsd1004

    All trades are special..

  • jsd1004

    All trades are special..