Cowabunga System Daily Update: Tuesday, 09/02/08

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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 :

  • 10:00am EST- US ISM Index

Today’s Surf

1:45am 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 1.7895 with a stop at the most recent swing high at 1.7936. Since I was 45 pips away from the nearest 50 or 00 level I decided to put my initial target at 1.7850.

Entry: Short at 1.7895

Stop: 1.7936

Initial Target: 1.7850

4:15am EST- My target was hit. Price did not make a clean break so I took my final profit. I exited at 1.7853

8:45am 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 1.7789 with a stop at the most recent swing high at 1.7856. Since I was 39 pips away from the nearest 50 or 00 level I decided to put my initial target at 1.7750.

Entry: Short at 1.7789

Stop: 1.7856

Initial Target: 1.7750

9:45am EST- My target was not hit by this time. Since news was coming out at 10:00am EST, I went ahead and cut my losses and exited my trade. I got out at 1.7827.

entry2

Trade Result: +42 -38= +4 pips(NOT INCLUDING SPREAD) R-Multiple: 1.02; -0.56

News events to watch for tomorrow :

  • 4:30am EST- UK Services PMI
  • 10:00am EST- US Factory Orders

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

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  • phenom

    Hey Pip Surfer

    Just wondering, in your videos, a purple trend change pip appears is that a unique feature of charting software or is it some kind of indicator, say like SAR but represented in a different manner.

  • phenom

    Hey Pip Surfer

    Just wondering, in your videos, a purple trend change pip appears is that a unique feature of charting software or is it some kind of indicator, say like SAR but represented in a different manner.