Sorry I didn't update yesterday. We switched over to a new blogging program and had some problems.
If you haven't done so already , go check out BabyPips' newest creation, FreshPips.com !
Freshpips.com delivers to your e-door step the most relevant Forex news and research on the Web. The stories you see on FreshPips are submitted by site members – you and your fellow Forex traders. You then decide what's “fresh” and what, well, sucks. Top honors – submissions placed on the main page – are given to the stories deemed fresh by the FreshPips.com community as a whole.
Check it out, register, and start submitting cool Forex stories today!
Current Trend= The trend remained up until 4am EST. From 12am EST - 4am EST, a new trend change candle formed and changed the trend from up to DOWN. After 4am 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 trades.
News events to watch for today :
- 2:00am EST- UK Nationwide House Prices
- 8:30am EST- US Prelim GDP
9:00am 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 1.9753 with a stop at the most recent swing high at 1.9802. Since I was only 3 pips away from the nearest 50 or 00 level (1.9750), I decided to go for the same amount of pips I was risking on the trade, which in this case was 49. This put my initial target at 1.9704.
Entry: Short at 1.9753
Initial Target: 1.9704
4pm EST- My target was not hit by this time and according to my rules I exit now whether up I'm or down. I managed to exit at 1.9754.
Trade Result: -1 pip (THIS DOESN'T INCLUDE SPREAD): R-Multiple: -0.02
News events to watch for tomorrow :
- 8:30am EST- US Core PCE
- 9:45am EST- Chicago PMI
- 10:00am EST- Revised Michigan Sentiment
For a complete list of news events check out our News Section
Questions? Read the Cowabunga FAQ.
Want to discuss the Cowabunga System? Visit our Forums.
- Cowabunga System Daily Update: Monday, 06/16/08 12:34 16 June 2008
- Cowabunga System Daily Update: Tuesday, 06/10/08 14:01 10 June 2008
- Cowabunga System Daily Update: Wednesday, 06/11/08 13:13 11 June 2008
- Cowabunga System Daily Update: Tuesday, 05/20/08 12:26 20 May 2008
- Cowabunga System Daily Update: Tuesday, 05/27/08 13:26 27 May 2008
Archived Comments (1)