Pssst...Have you heard about MeetPips.com yet?
If you haven't done so already , go check out BabyPips' newest creation, FreshPips.com !
Freshpips.com delivers to your e-door step the most relevant Forex news and research on the Web. The stories you see on FreshPips are submitted by site members – you and your fellow Forex traders. You then decide what's “fresh” and what, well, sucks. Top honors – submissions placed on the main page – are given to the stories deemed fresh by the FreshPips.com community as a whole.
Check it out, register, and start submitting cool Forex stories today!
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 New Home Sales
12:45am 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 1.5741 with a stop at the most recent swing high at 1.5840. Since I was 41 pips away from the nearest 50 or 00 level, I decided to put my target at 1.5700.
Entry: Short at 1.5741
Initial Target: 1.5700
1:00am EST- My target was hit at 5700. Price made a clean break, so I moved my stop to 1.5700 and set my next target for 1.5650. On the same candle, my 2nd target was also hit at 1.5650. Price made another clean break so I trailed my stop at 1.5650 and set my next target for 1.5600.
1:15am EST- Unfortunately I was stopped out at 1.5650.
7:45am EST- There was a moving average crossover for a short trade. RSI was less than 50, Stochastics were trending down, but MACD was positive but not losing value. Instead, MACD stayed flat which cancelled out the signal. No entry.
Trade Result: +91 pips (NOT INCLUDING SPREAD) R-Multiple: 0.91
News events to watch for tomorrow :
- 7:00am EST- UK CBI Realized Sales
- 10:00am EST- US CB Consumer Confidence
For a complete list of news events check out our News Section
Questions? Read the Cowabunga FAQ.
Want to discuss the Cowabunga System? Visit our Forums.
- Cowabunga System Daily Update: Tuesday, 10/28/08 13:08 28 October 2008
- Cowabunga System Daily Update: Thursday, 11/06/08 13:22 06 November 2008
- Cowabunga System Daily Update: Thursday, 11/13/08 18:03 13 November 2008
- Cowabunga System Daily Update: Thursday, 10/30/08 14:33 30 October 2008
- Cowabunga System Daily Update: Tuesday, 10/21/08 14:39 21 October 2008
Archived Comments (8)