Cowabunga System Daily Update: Thursday, 06/26/08

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Main Trend

Current Trend= The trend remained up the entire day.

Today I only looked for long trades.

News events to watch for today :
  • 4:45am EST– MPC Treasury Committee Hearings
  • 8:30am EST– US Existing Home Sales

Today’s Surf

3:45am EST- There was a moving average crossover for a long trade. RSI was greater than 50, stochastics were trending up, and MACD was negative and gaining value. This was a valid entry. The entry was at the close of the candle at 1.9741 with a stop at the most recent swing low at 1.9712. Since I was only 9 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 29. This put my initial target at 1.9770.

Entry: Long at 1.9741

Stop: 1.9712

Initial Target: 1.9770

4:00am EST- My target was hit. Price did not make a clean break of my target, so I took my final profit. I exited at 1.9768.

entry2

Trade Result: +27 pips: R-Multiple: 0.93

News events to watch for Tomorrow :
  • 4:30am EST– UK Current Account, GDP
  • 8:30am EST– US Core PCE Price Index, Personal Spending, Personal Income

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

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  • iZar

    Hi PipSurfer.

    Thanks for your diligence in providing daily updates to your Cable trades. I enjoy them and have picked up a few points for inclusion into my own EUR/USD trades. Keep up the good work. Have a blessed wedding & family life.

    iZar,
    Malaysia

  • iZar

    Hi PipSurfer.

    Thanks for your diligence in providing daily updates to your Cable trades. I enjoy them and have picked up a few points for inclusion into my own EUR/USD trades. Keep up the good work. Have a blessed wedding & family life.

    iZar,
    Malaysia