Cowabunga System Daily Update: Friday, 05/30/08

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!

If this is your first time visiting this blog, read this first! 

Main Trend

Current Trend= The trend remained down the entire day

Today I only looked for short trades.

News events to watch for today :
  • 8:30am EST– US Core PCE
  • 9:45am EST– Chicago PMI
  • 10:00am EST– Revised Michigan Sentiment

Today’s Surf

2:45am 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 1.9750 with a stop at the most recent swing high at 1.9788. Since I was only 50 pips away from the nearest 50 or 00 level, I decided to put my target at 1.9700.

Entry: Short at 1.9750
Stop: 1.9788
Initial Target: 1.9700

4:30am EST- My target was hit. Price did not make a clean break so I took my final profit. I exited at 1.9699.

7:00am EST- There was a moving average crossover for a short trade. RSI was less than 50, stochastics were trending down, and MACD was positive and losing value. This was a valid entry. The entry was at the close of the candle at 1.9720 with a stop at the most recent swing high at 1.9747. Since I was only 20 pips away from the nearest 50 or 00 level, I decided to put my target at 1.9700.

Entry: Short at 1.9720
Stop: 1.9747
Initial Target: 1.9700

8:15am EST– My target wasn’t hit by this time and since news was coming out at 8:30am EST, I closed my trade. I exited at 1.9725.

entry2

Trade Result: +51 -5= +46 pips (THIS DOESN’T INCLUDE SPREAD): R-Multiple: 1.34; -0.18

News events to watch for Monday :
  • 4:30am EST– UK Manufacturing PMI
  • 10:00am EST– US ISM Manufacturing Index

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.