Cowabunga System Daily Update: Wednesday, 06/04/08

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Main Trend

Current Trend= The trend remained down the entire day

Today I only looked for short trades.

News events to watch for today :
  • 4:30am EST- UK Services PMI
  • 8:15am EST- US ADP Nonfarm Employment Change
  • 10:00am EST- US ISM Non-Manufacturing Composite

Today’s Surf

1:15am 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 1.9617 with a stop at the most recent swing high at 1.9630. Since I was 17 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.9600.

Entry: Short at 1.9617

Stop: 1.9630

Initial Target: 1.9600

2:00am EST- My target was hit. Price made a clean break, so I moved my stop to 1.9600 and set my next target for 1.9550.

3:15am EST- My 2nd target was hit. This time price didn’t make a clean break so I took my final profit. I exited at 1.9555.

7:30am EST- There was a signal here, but I didn’t want to enter because it was close to news.

9:30am EST- There was a signal here, but I didn’t want to enter because it was close to news.

entry2

Trade Result: +62 pips (THIS DOESN’T INCLUDE SPREAD): R-Multiple: 4.77

News events to watch for tomorrow :
  • 7:00am EST- UK Interest Rate Statement
  • 8:30am EST- Unemployment Claims

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

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  • jsese

    nice day! I was in at 1.9617 and out at 1.9550 net of spread but unfortunately I felt invincible and got in the 7 am trade for a loss of 18 pips…still a nice day though.

  • jsese

    nice day! I was in at 1.9617 and out at 1.9550 net of spread but unfortunately I felt invincible and got in the 7 am trade for a loss of 18 pips…still a nice day though.

  • MissPips

    Way to go!

  • MissPips

    Way to go!