Cowabunga System Daily Update: Friday, 05/16/08

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Main Trend

Current Trend= The trend remained up the entire day.

Today I only looked for long trades.

News events to watch for today :

Today’s Surf

3:00am EST- There was a moving average crossover for a long trade. RSI was greater than 50, stochastics were trending up, and MACD went from negative to positive. This was a valid entry. The entry was at the close of the candle at 1.9506 with a stop at the most recent swing low at 1.9452. Since I was 44 pips away from the nearest 50 or 00 level, I decided to put my target at 1.9550.

Entry: Long at 1.9506

Stop: 1.9452

Initial Target: 1.9550

8:15am EST- My target wasn’t hit by this time and I knew that news was coming up at 8:30am EST, so I closed out my trade. I exited at 1.9487.

9:45am EST- There was a good signal here, but because it was right before the consumer sentiment report I did not enter.

entry2

Trade Result: -19 pips : R-Multiple: -0.35

News events to watch for Monday :
  • None

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

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  • ericlbn27

    Nice trades.

  • ericlbn27

    Nice trades.

  • titodalla@hotmail.com

    @3:00 my MACD (12-26-9 ) was allready positive, can you help

  • titodalla@hotmail.com

    @3:00 my MACD (12-26-9 ) was allready positive, can you help