Cowabunga System Daily update: Wednesday, 05/07/08

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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 :

Today’s Surf

1:45am 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 1.9683 with a stop at the most recent swing high at 1.9711. Since I was 33 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.9650.

Entry: Short at 1.9683

Stop: 1.9711

Initial Target: 1.9650

2:45am EST- My target was hit. Price made a clean break so I moved my stop to 1.9650 and set my next target for 1.9600.

3:15am EST- My 2nd target was hit. This time, price did not make a clean break so I took my final profit. I exited at 1.9605.

entry2

Trade Result: +78 pips : R-Multiple: 2.78

News events to watch for tomorrow :
  • 7:00am EST- UK Official Bank Rate
  • 8:30am EST- ECB Press Conference
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  • jsese

    I am so bummed that I didn’t let it ride at the 1st target. I had a limit set up at 1.9650 in case I didn’t wake up, and an alarm to sound at 1.9655 so I could get up and change the limit if it made a clean break. it blew right by my target and I didn’t have time to change the limit. I did pull in 34 pips but 50 more would have been better. Thanks for the posts!

  • jsese

    I am so bummed that I didn’t let it ride at the 1st target. I had a limit set up at 1.9650 in case I didn’t wake up, and an alarm to sound at 1.9655 so I could get up and change the limit if it made a clean break. it blew right by my target and I didn’t have time to change the limit. I did pull in 34 pips but 50 more would have been better. Thanks for the posts!