Cowabunga System Daily Update: Wednesday, 05/14/08

Due to technical difficulties yesterday, I did not get a chance to trade. Thankfully I was back in the markets today.

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Main Trend

Current Trend= The trend remained up until 4am 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 4am EST. After 4am EST, I only looked for short trrades.

News events to watch for today :
  • 4:30am EST- UK Claimant Count Change
  • 5:30am EST- BOE Inflation Report
  • 8:30am EST- US CPI

Today’s Surf

12:30am 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 1.9442 with a stop at the most recent swing high at 1.9458. Since I was 42 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.9400.

Entry: Short at 1.9442

Stop: 1.9458

Initial Target: 1.9400

2:00am EST- Unfortunately I was stopped out of my trade.

2:30am EST- There was a moving average crossover for a short trade. However, stochastics were trending up which cancelled the signal. No entry.

4:30am EST- This was a news candle so no entry.

10:30am 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 1.9411 with a stop at the most recent swing high at 1.9472. Since I was 11 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.9400.

Entry: Short at 1.9411

Stop: 1.9472

Initial Target: 1.9400

4:00pm EST- My target wasn’t hit by this time and since it was 4pm EST, it was time to end my day. I closed my trade and exited at 1.9446.

entry2

Trade Result: -16 -35= -51 pips : R-Multiple: -1.00; -0.57

News events to watch for tomorrow :

For a complete list of news events check out our News Section

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  • jsese

    Holy cow..I have never differed that much from your postings. Normally I will show a crossing that you don’t get, or I miss a trade, but this time, my 2:30 stochastics were already trending down so I got in there for +37 pips and the 10:15 trade I hit the target at 10:41 am and even show a low of 1.9395 on that bar. I profited there another +21 pips. Sorry about today for you…that’s just weird though.

  • jsese

    Holy cow..I have never differed that much from your postings. Normally I will show a crossing that you don’t get, or I miss a trade, but this time, my 2:30 stochastics were already trending down so I got in there for +37 pips and the 10:15 trade I hit the target at 10:41 am and even show a low of 1.9395 on that bar. I profited there another +21 pips. Sorry about today for you…that’s just weird though.

  • MissPips

    I have the same results as PipSurfer for 2:30 – stochs trending up in cmsfx and Metatrader. For the 10:30 trade I also got a sort of cross at 10:15 in cmsfx ( the moving averages just touched but didn’t cross, which is enought to make their moving average cross tool trigger.) Therefore that trade did hit the target at 10:30 if you took it at 10:15. In Metatrader, the cross was at 10:30 (which is where the visual cross was in cmsfx) and if you took it at 10:30 it was a loser. I didn’t take it because I don’t take trades where cmsfx and metatrader don’t agree

  • gryat

    I got the same results as you man. Lost me $1200, but what the hell, i was already up much more than that :)

  • MissPips

    I have the same results as PipSurfer for 2:30 – stochs trending up in cmsfx and Metatrader. For the 10:30 trade I also got a sort of cross at 10:15 in cmsfx ( the moving averages just touched but didn’t cross, which is enought to make their moving average cross tool trigger.) Therefore that trade did hit the target at 10:30 if you took it at 10:15. In Metatrader, the cross was at 10:30 (which is where the visual cross was in cmsfx) and if you took it at 10:30 it was a loser. I didn’t take it because I don’t take trades where cmsfx and metatrader don’t agree

  • gryat

    I got the same results as you man. Lost me $1200, but what the hell, i was already up much more than that :)