Cowabunga System Daily Update: Monday, 07/14/08

Well I did it! I tied the knot last Saturday and just got back from a wonderful honeymoon in beautiful Jamaica mon! While it was very relaxing, I’m ready to get back to what I love doing….trading!

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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 for long trades.

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

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 1.9852 with a stop at the most recent swing low at 1.9821. Since I was 48 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.9900.

Entry: Long at 1.9852

Stop: 1.9821

Initial Target: 1.9900

4:15am EST- My target wasn’t hit by this time. I knew that news was coming out at 4:30am EST so I decided to close my trade. I cut my losses and exited at 1.9835.

5:45am EST- There was a moving average crossover for a long trade but MACD was already positive which cancelled the signal. No entry!

entry2

Trade Result: -17 pips (NOT INCLUDING SPREAD: R-Multiple: -0.54

News events to watch for tomorrow :
  • 4:30am EST- UK CPI
  • 8:30am EST- US Retail Sales, PPI

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

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