Cowabunga System Daily Update: Thursday, 05/15/08

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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

3:00am 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 1.9456 with a stop at the most recent swing high at 1.9487. Since I was only 6 pips away from the nearest 50 or 00 level (1.9450), I decided to go for the same amount of pips I was risking on the trade, which in this case was 31. This put my initial target at 1.9425.

Entry: Short at 1.9456

Stop: 1.9487

Initial Target: 1.9425

3:30am EST- Unfortunately I was stopped out of my trade.

4:15am 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 1.9461 with a stop at the most recent swing high at 1.9500. Since I was only 11 pips away from the nearest 50 or 00 level (1.9450), I decided to go for the same amount of pips I was risking on the trade, which in this case was 39. This put my initial target at 1.9422.

Entry: Short at 1.9461

Stop: 1.9500

Initial Target: 1.9422

7:15pm EST- My target was hit. Price didn’t make a clean break of my target so I took my final profit. I exited at 1.9423.

entry2

Trade Result: -31 +38= +7 pips : R-Multiple: -1.00; 0.97

News events to watch for tomorrow :

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

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  • jsese

    bah! I got in the losing one..and my computer had technical difficulties so I slept right through the rest of the night….Lost 30 pips…BAH!

  • Truthy

    hey pipsurfer, on my chart the crossovers actually had the moving averages EQUAL to each other on the same candle, so I’m wondering, do you consider that a crossover when the moving averages equal each other, or does your charting software allow you to see further decimals that let you know that one moved below/above the other. because so far when the moving averages have only equaled each other on the close of a candle I have not taken the trade.

  • jsese

    bah! I got in the losing one..and my computer had technical difficulties so I slept right through the rest of the night….Lost 30 pips…BAH!

  • Truthy

    hey pipsurfer, on my chart the crossovers actually had the moving averages EQUAL to each other on the same candle, so I’m wondering, do you consider that a crossover when the moving averages equal each other, or does your charting software allow you to see further decimals that let you know that one moved below/above the other. because so far when the moving averages have only equaled each other on the close of a candle I have not taken the trade.