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 :
- 4:30am EST- UK Industrial Production
- 8:30am EST- US Non Farm Productivity Q/Q
- 10:00am EST- US Pending Home Sales
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.
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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Related Posts:
- Cowabunga System Daily Update: Tuesday, 05/06/08 13:04 06 May 2008
- Cowabunga System Daily Update: Thursday, 01/17/08 14:34 17 January 2008
- Cowabunga System Daily Update: Monday, 01/07/08 16:29 07 January 2008
- Cowabunga System Daily Update: Wednesday, 04/09/08 12:31 09 April 2008
- Cowabunga System Daily Update: Wednesday, 04/30/08 15:28 30 April 2008
Archived Comments (1)
Forex Blog: Pip My System




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!