Cowabunga System Daily Update: Thursday, 08/14/08

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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 :

  • 8:30am EST- US CPI

Today’s Surf

12:30am 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 1.8656 with a stop at the most recent swing high at 1.8682. Since I was only 6 pips away from the nearest 50 or 00 level (1.8650), I decided to go for the same amount of pips I was risking on the trade, which in this case was 26. This put my initial target at 1.8630.

Entry: Short at 1.8656

Stop: 1.9682

Initial Target: 1.8630

1:00am EST- Unfortunately I was stopped out of my trade.

1:30am 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 1.8659 with a stop at the most recent swing high at 1.8683. Since I was only 9 pips away from the nearest 50 or 00 level (1.8650), I decided to go for the same amount of pips I was risking on the trade, which in this case was 24. This put my initial target at 1.8635.

Entry: Short at 1.8659

Stop: 1.8683

Initial Target: 1.8635

2:00am EST- Unfortunately I was stopped out of my trade.

9:15am 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 1.8716 with a stop at the most recent swing high at 1.8784. Since I was 16 pips away from the nearest 50 or 00 level, I decided to put my target at 1.8700.

Entry: Short at 1.8716

Stop: 1.8784

Initial Target: 1.8700

9:30am EST- My target was hit. Price did not make a clean break so I took my final profit. I exited at 1.8702.

11:30am EST- There was a moving average crossover for a short trade, but MACD was already negative. This cancelled the signal and I did not enter.

entry2

Trade Result: -26 -24 +14= -36 pips (NOT INCLUDING SPREAD!) R-Multiple: -1.00; -1.00; 0.20

News events to watch for tomorrow :

  • 8:30am EST- US TIC Data

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

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  • scott087

    These videos have been so helpful to me and everyone else. I have learned so much about your system and forex in general since I’ve been following your blog. I really appreciate what you are doing for us.

    Thank you so much and keep it up!

  • scott087

    These videos have been so helpful to me and everyone else. I have learned so much about your system and forex in general since I’ve been following your blog. I really appreciate what you are doing for us.

    Thank you so much and keep it up!