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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 :
- 7:00am EST- UK CBI Realized Sales
- 10:00am EST- US CB Consumer Confidence
Today's Surf
3:30am EST- There was a moving average crossover for a short trade. RSI was less than 50, stochastics were trending down, and MACD went from positive to negative. This was a valid entry. The entry was at the close of the candle at 1.5565 with a stop at the most recent swing high at 1.5750. Since I was 15 pips away from the nearest 50 or 00 level, I decided to put my target at 1.5550.
Entry: Short at 1.5565
Stop: 1.5750
Initial Target: 1.5550
3:45am EST- My target was hit at 1.5550. Price made a clean break so I moved my stop to 1.5550 and set my next target for 1.5500. During this same candle, my 2nd target was hit at 1.5500 so I trailed my stop to 1.5500 and set my next target for 1.5450. Unfortunately price didn't get that low and I got stopped out at 1.5500.
10:00am EST- This was a news candle so I did not enter.
Trade Result: +65 pips (NOT INCLUDING SPREAD) R-Multiple: 0.35
News events to watch for tomorrow :
- 8:30am EST- US Durable Goods Orders
- 2:15 EST- US FOMC Statement
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.
Related Posts:
- Cowabunga System Daily Update: Thursday, 12/18/08 14:02 18 December 2008
- Cowabunga System Daily Update- Wednesday, 08/27/08 15:49 27 August 2008
- Cowabunga System Daily Update: Thursday, 11/06/08 13:22 06 November 2008
- Cowabunga System Daily Update: Monday, 11/10/08 18:50 10 November 2008
- Cowabunga System Daily Update: Thursday, 09/18/08 13:56 18 September 2008
Archived Comments (3)
Hey, not really an important question but I was just wondering...do you trade the 4 hour cross overs? That is, do you trade when the trend change candle appears? thanks :)
A very silly question on your "clean break".I read the FAQ on it, which says that a "clean break" is when a candle can not only touch our target level, but break through it. My question is, when a candle first touches the target, how do i know whether i should close my trade or wait for a clean break? Thanks :-)
Why the GBP/USD opposed to other pairs?