Cowabunga System Daily Update: Monday, 06/09/08

Had a busy day of playing catch up on Friday and didn’t get a chance to trade. I took a look at the charts though and it looks like you would’ve had a couple of small losers if you did trade. Don’t be bummed dudes. Stay disciplined and you will be rewarded!

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

Main Trend

Current Trend= The trend remained up the entire day

Today I only looked long short trades.

News events to watch for today :
  • 4:30am EST- UK PPI Input

Today’s Surf

12:15am 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 1.9689 with a stop at the most recent swing low at 1.9670. Since I was only 11 pips away from the nearest 50 or 00 level, I decided to go for the same amount of pips I was risking on the trade, which in this case was 19. This put my initial target at 1.9708.

Entry: Long at 1.9689
Stop: 1.9670
Initial Target: 1.9708

3:00am EST- My target was hit. Price made a clean break of my target so I moved my stop to 1.9708 and set my next target for 1.9750.

3:15am EST– Unfortunately I was stopped out at 1.9708.

entry2

Trade Result: +19 pips (THIS DOESN’T INCLUDE SPREAD): R-Multiple: 1.00

News events to watch for tomorrow :
  • 4:30am EST- UK Industrial Production
  • 7:00am EST– BOE Governor King Speaks
  • 8:30am EST– US Trade Balance

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

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  • Autoxn

    I look forward to reading your successes. Can you tell me though what you consider a trend change candle?

  • Autoxn

    I look forward to reading your successes. Can you tell me though what you consider a trend change candle?

  • shcross4x

    Hi there, can you tell me if you provide signals for the next day – it seems you only say “News events to watch for tomorrow :” I’m in australia and new to the newsletter, but love your methodology. i loo!k forward to your reply

  • shcross4x

    Hi there, can you tell me if you provide signals for the next day – it seems you only say “News events to watch for tomorrow :” I’m in australia and new to the newsletter, but love your methodology. i loo!k forward to your reply