Cowabunga System Daily Update: Thursday, 05/29/08

Sorry I didn’t update yesterday. We switched over to a new blogging program and had some problems.

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Main Trend

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

Today’s Surf

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

Stop: 1.9802

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.

entry2

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

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