Cowabunga System Daily Update: Monday, 6/30/08

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 up the entire day.

Today I only looked for long trades.

News events to watch for today :
  • 9:45am EST- US Chicago PMI

Today’s Surf

1:00am 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 1.9936 with a stop at the most recent swing low at 1.9923. Since I was 14 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.9950.

Entry: Long at 1.9936
Stop: 1.9923
Initial Target: 1.9950

2:45am EST- My target was hit. Price did not make a clean break of my target, so I took my final profit. I exited at 1.9950.

5:45am 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 1.9950 with a stop at the most recent swing low at 1.9925. Since I was 50 pips away from the nearest 50 or 00 level, I decided to put my initial target at 2.0000.

Entry: Long at 1.9950
Stop: 1.9925
Initial Target: 2.0000

6:30am EST- Unfortunately I was stopped out of my trade.

8:45am 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 1.9933 with a stop at the most recent swing low at 1.9889. Since I was 17 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.9950.

Entry: Long at 1.9933
Stop: 1.9889
Initial Target: 1.9950

9:30am EST– My target wasn’t hit by this time so I closed my trade before the news. I exited at 1.9936.

entry2

Trade Result: +14 -25 +3= -8 pips (NOT INCLUDING SPREAD: R-Multiple: 1.07; -1.00; 0.06

News events to watch for tomorrow :
  • 2:00am EST– UK Nationwide House Prices
  • 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.