Cowabunga System Daily Update: Thursday, 07/17/08

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 :
  • 8:30am EST- US Building Permits

Today’s Surf

5:00am 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 2.0012 with a stop at the most recent swing low at 1.9981. Since I was 38 pips away from the nearest 50 or 00 level, I decided to put my initial target at 2.0050.

Entry: Long at 2.0012

Stop: 1.9981

Initial Target: 2.0050

8:15am EST- My target wasn’t hit by this time. I knew that news was coming out at 8:30am EST so I went ahead and closed my trade. I exited at 2.0030.

entry2

Trade Result: +18 pips (NOT INCLUDING SPREAD: R-Multiple: 0.58

News events to watch for tomorrow :
  • None

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.
  • jch1

    Could you respond to the comments posted on your 7/15/08 entry? Thanks

  • jch1

    Could you respond to the comments posted on your 7/15/08 entry? Thanks