Cowabunga System Daily Update: Thursday, 05/22/08

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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 :
  • 4:30am EST- UK Retail Sales
  • 8:30am EST- US Unemployment Rate

Today’s Surf

2:45am 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 1.9734 with a stop at the most recent swing low at 1.9697. Since I was 16 pips away from the nearest 50 or 00 level, I decided to put my target at 1.9750.

Entry: Long at 1.9734

Stop: 1.9697

Initial Target: 1.9750

3:00am EST- My target is hit. Price did not make a clean break so I took my final profit. I managed to get out at 1.9745.

4:30am EST- There was a signal here but because it was a news candle, I did not enter.

entry2

Trade Result: +11 pips : R-Multiple: 0.29

News events to watch for Monday :

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

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  • MissPips

    Hi PipSurfer,

    I’ve noticed that sometimes when the target at the nearest 00 or 50 level is less than 20 pips and the stop more than 20 pips you will go for the number of pips you are risking, while other times you will go for the 00 or 50 level. Could you explain how you decide which target to go for?.

    Thanks for all your hard work and help

  • MissPips

    Hi PipSurfer,

    I’ve noticed that sometimes when the target at the nearest 00 or 50 level is less than 20 pips and the stop more than 20 pips you will go for the number of pips you are risking, while other times you will go for the 00 or 50 level. Could you explain how you decide which target to go for?.

    Thanks for all your hard work and help

  • PipSurfer

    Generally if the target is 10 pips or less (not including spread) then I go for the amount of pips I’m risking. If the amount I’m risking is even less than that, then I go for the 10 pips. Not all trades have huge profit targets. Some trades can be scalps. If you don’t think these kinds of trades are worth your time and stress, then skip them. It’s totally up to you :)

  • MissPips

    Thanks :-)

  • PipSurfer

    Generally if the target is 10 pips or less (not including spread) then I go for the amount of pips I’m risking. If the amount I’m risking is even less than that, then I go for the 10 pips. Not all trades have huge profit targets. Some trades can be scalps. If you don’t think these kinds of trades are worth your time and stress, then skip them. It’s totally up to you :)

  • MissPips

    Thanks :-)