Cowabunga System Daily Update: Thursday, 07/31/08

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Main Trend

Current Trend= The trend remained down the entire day.

Today I only looked for short trades

News events to watch for today :

  • 2:00am EST- UK Nationwide HPI
  • 8:30am EST- US Advance GDP

Today’s Surf

1:30am EST- There was a valid signal here but because it was close to a news report, I did not enter.

4:00am EST- There was a moving average crossover for a short trade. RSI was less than 50, stochastics were trending down, and MACD was positive and losing value. This was a valid entry. The entry was at the close of the candle at 1.9804 with a stop at the most recent swing high at 1.9832. Since I was only 4 pips away from the nearest 50 or 00 level (1.9800), I decided to go for the same amount of pips I was risking on the trade, which in this case was 28. This put my initial target at 1.9776.

Entry: Short at 1.9804

Stop: 1.9832

Initial Target: 1.9776

8:15am EST- My target wasn’t hit by this time and I knew that news was coming out at 8:30am EST. Because of this I closed my trade. I exited out at 1.9787.

10:45am EST- There was a moving average crossover for a short trade. RSI was less than 50, stochastics were trending down, and MACD went from positive to negative. This was a valid entry. The entry was at the close of the candle at 1.9809 with a stop at the most recent swing high at 1.9926. Since I was only 9 pips away from the nearest 50 or 00 level (1.9800), I decided to go for the same amount of pips I was risking on the trade, which in this case was 117. This put my initial target at 1.9602.

Entry: Short at 1.9809

Stop: 1.9926

Initial Target: 1.9602

2:15am EST- Unfortunately my target wasn’t hit by this time. Market volume was low and I had to finish for the day so I went ahead and closed my trade out at 1.9824.

entry2

Trade Result: +17 -15= +2 (NOT INCLUDING SPREAD: R-Multiple: 0.60; -0.12

News events to watch for tomorrow :

  • 4:30am EST- UK Manufacturing PMI
  • 8:30am EST- US Non Farm Employment
  • 10:00am EST- US ISM Manufacturing Index

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

Questions? Read the Cowabunga FAQ.

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  • -Conan-

    On your software, what requirements must a candle meet to be a crossover candle painted purple?

  • -Conan-

    On your software, what requirements must a candle meet to be a crossover candle painted purple?

  • ckeone

    wow, a video, tat’s nice, cowabunga~!

  • ckeone

    wow, a video, tat’s nice, cowabunga~!