Cowabunga System Daily Update: Tuesday, 09/23/08

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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 :

  • None

Today’s Surf

12:15am EST- There was a moving average crossover for a long trade. RSI was greater than 50, stochastics were trending up, and MACD was negative and gaining value. This was a valid entry. The entry was at the close of the candle at 1.8556 with a stop at the most recent swing low at 1.8529. Since I was 44 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.8600.

Entry: Long at 1.8556

Stop: 1.8529

Initial Target: 1.8600

2:45am EST- Unfortunately I was stopped out of my trade.

5:30am 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 1.8569 with a stop at the most recent swing low at 1.8483. Since I was 31 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.8600.

Entry: Long at 1.8569

Stop: 1.8483

Initial Target: 1.8600

5:45am EST- My target was hit. Price did not make a clean break of my target so I took my final profit. I exited at 1.8600.

11:00am 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 1.8583 with a stop at the most recent swing low at 1.8487. Since I was 17 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.8600.

Entry: Long at 1.8583

Stop: 1.8487

Initial Target: 1.8600

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

entry2

Trade Result: -27 +31 -96= -92 pips R-Multiple: -1.00; 0.36; -1.00

News events to watch for tomorrow :

  • 6:00am EST- UK CBI Realized Sales
  • 10:00am EST- US Existing Home Sales; Bernanke Speaks

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.

  • blue@sky

    hi, can i know what software you use to record the screen?

  • blue@sky

    hi, can i know what software you use to record the screen?