Cowabunga System Daily Update- Monday, 08/04/08

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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 :

  • None

Today’s Surf

12:15, 12:45am EST- There was a moving average crossover for a short trade but MACD was already negative so there was no entry.

10:45am 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 1.9653 with a stop at the most recent swing high at 1.9716. Since I was only 3 pips away from the nearest 50 or 00 level (1.9650), I decided to go for the same amount of pips I was risking on the trade, which in this case was 63. This put my initial target at 1.9590.

Entry: Short at 1.9653

Stop: 1.9716

Initial Target: 1.9590

2:15am EST- My target wasn’t hit by this time and I had to end my trading day so I went ahead and took my profit and exited at 1.9621.

entry2

Trade Result: +32 (NOT INCLUDING SPREAD: R-Multiple: 0.50

News events to watch for tomorrow :

  • Tentative– UK Halifax HPI
  • 4:30am EST– UK Manufacturing Production, Services PMI
  • 10:00am EST– US ISM Non Manufacturing Index
  • 2:15pm EST- US FOMC Statement

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

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  • -Conan-

    I’m using metatrader, but I have the same MACD settings as you and for some reason I get a different histogram output. Any idea why? Other than that, great update. 32 pips well earned.

  • -Conan-

    Oh nevermind. Found out that the standard MACD indicator in Metatrader is incorrect and that the custom indicator OsMA is what should be used. :)

  • -Conan-

    I’m using metatrader, but I have the same MACD settings as you and for some reason I get a different histogram output. Any idea why? Other than that, great update. 32 pips well earned.

  • -Conan-

    Oh nevermind. Found out that the standard MACD indicator in Metatrader is incorrect and that the custom indicator OsMA is what should be used. :)

  • ForexMonk

    Your voice sounds so masculine in that video.

  • DRiSsT

    lmao @ forexmonk

  • DRiSsT

    lmao @ forexmonk