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

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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 :

  • 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

Today’s Surf

4:30am 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 1.9486 with a stop at the most recent swing high at 1.9514. Since I was 36 pips away from the nearest 50 or 00 level I decided to put my initial target at 1.9450.

Entry: Short at 1.9486

Stop: 1.9514

Initial Target: 1.9450

5:30am EST- Unfortunately I was stopped out of my trade.

8:30am EST- There was a good looking signal here but because it occurred on a news candle, it was an invalid trade. No entry!

entry2

Trade Result: -28 pips (NOT INCLUDING SPREAD!) R-Multiple: -1.00

News events to watch for tomorrow :

  • 8:30am EST- US Prelim Nonfarm Productivity

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

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  • -Conan-

    Unfortunately I also had a small loss as well. But on the positive side, I applied this system to the USDJPY and came out with a small profit earlier this morning.

    Hopefully tomorrow will be better although I’ve never had a good Friday since I started demoing a month ago.

  • -Conan-

    Unfortunately I also had a small loss as well. But on the positive side, I applied this system to the USDJPY and came out with a small profit earlier this morning.

    Hopefully tomorrow will be better although I’ve never had a good Friday since I started demoing a month ago.