Cowabunga System Daily Update: Friday, 05/09/08

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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

2:00am EST- There was a moving average crossover for a short trade. However, MACD was already negative which cancelled out the signal. No entry!

5:45am 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 1.9532 with a stop at the most recent swing high at 1.9549. Since I was 32 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.9500.

Entry: Short at 1.9532

Stop: 1.9549

Initial Target: 1.9500

6:30am EST- My target was hit. Price made a clean break so I moved my stop to 1.9500 and set my next target for 1.9450.

6:45am EST- Unfortunately I was stopped out at 1.9500.

entry2

Trade Result: +32 pips : R-Multiple: 1.88

News events to watch for Monday :
  • 4:30am EST- UK PPI Input, UK Trade Balance
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  • jsese

    Hey pipsurfer…I thought I was the only one in which the price moved at the open of the bar and I got in late. I got in at 1.9531 7 pips below the open..slow fingers because I had just been awakened by loud alarm in my computer…I was groggy! :)

    MissPips: Thanx for your advice yesterday. I realized that you may have a valid point since I went back to alot of the ambigous entries that were losers and saw that on other charts didn’t show them…So now I will have further connfirmation. I just hope that I don’t end up needing so much confirmation that I never get in a trade…lol
    Have a great weekend everyone.

  • jsese

    Hey pipsurfer…I thought I was the only one in which the price moved at the open of the bar and I got in late. I got in at 1.9531 7 pips below the open..slow fingers because I had just been awakened by loud alarm in my computer…I was groggy! :)

    MissPips: Thanx for your advice yesterday. I realized that you may have a valid point since I went back to alot of the ambigous entries that were losers and saw that on other charts didn’t show them…So now I will have further connfirmation. I just hope that I don’t end up needing so much confirmation that I never get in a trade…lol
    Have a great weekend everyone.

  • Elroch

    My commiserations on being stopped out for a ‘mere’ 32 pips :-)

    I make it >100 pips for the week. Nice trading!

  • Elroch

    My commiserations on being stopped out for a ‘mere’ 32 pips
    :-)

    I make it >100 pips for the week. Nice trading!

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