Cowabunga System Daily Update: Wednesday, 08/06/08

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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

2:00am 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 1.9551 with a stop at the most recent swing high at 1.9578. Since I was only 1 pip waway from the nearest 50 or 00 level (1.9550), I decided to go for the same amount of pips I was risking on the trade, which in this case was 27. This put my initial target at 1.9524.

Entry: Short at 1.9551

Stop: 1.9578

Initial Target: 1.9524

2:30am EST- Unfortunately I was stopped out of my trade.

3:30am EST- There was a moving average crossover for a short trade. However, MACD was already negative so it cancelled out the signal. No entry!

entry2

Trade Result: -27 pips (NOT INCLUDING SPREAD!) R-Multiple: -1.00

News events to watch for tomorrow :

  • 4:30am EST- UK Halifax HPI
  • 7:00am EST- UK Official Bank Rate
  • 8:30am EST- US Unemployment Claims
  • 10:00am EST- US Pending Home Sales

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

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  • tonymand

    Good to see you back PS

  • tonymand

    Good to see you back PS