Cowabunga System Daily Update: Tuesday, 09/16/08

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Main Trend

Current Trend= The trend remained up the entire day.

Today I only looked for long trades

News events to watch for today :

  • 4:30am EST- UK CPI
  • 8:30am EST- US CPI
  • 9:00am EST- US TIC Data
  • 2:15pm EST- FOMC Statement

Today’s Surf

1:15am EST- There was a moving average crossover for a long trade. RSI was greater than 50, stochastics were trending up, and MACD went from negative to positive. This was a valid entry. The entry was at the close of the candle at 1.7944 with a stop at the most recent swing low at 1.7896. Since I was only 6 pips away from the nearest 50 or 00 level (1.7950), I decided to go for the same amount of pips I was risking on the trade, which in this case was 48. This put my initial target at 1.7992.

Entry: Long at 1.7944

Stop: 1.7896

Initial Target: 1.7992

2:00am EST- My target was hit! Price did not make a clean break so I took my final profit. I exited out at 1.7987.

8:00am EST- There was a crossover here but because news was coming out at 8:30am EST, I did not even look at it. No entry.

entry2

Trade Result: +43 pips (NOT INCLUDING SPREAD) R-Multiple: 0.89

News events to watch for tomorrow :

  • 4:30am EST- UK Claimant Count Change, MPC Meeting Minutes
  • 8:30am EST- US Building Permits

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

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  • DZMouloudia

    Hi there, Can the Bollinger Band be used as resistance and support levels in this system. If not what can be used to measure the Resistance and support levels.

  • DZMouloudia

    Hi there, Can the Bollinger Band be used as resistance and support levels in this system. If not what can be used to measure the Resistance and support levels.