Cowabunga System Daily Update: Tuesday, 10/28/08

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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 :

  • 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.

entry2

Trade Result: +65 pips (NOT INCLUDING SPREAD) R-Multiple: 0.35

News events to watch for tomorrow :

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

Questions? Read the Cowabunga FAQ.

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  • misterboy

    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 :)

  • misterboy

    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 :)

  • Tamiya

    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 :-)

  • Tamiya

    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 :-)

  • mklipari

    Why the GBP/USD opposed to other pairs?

  • mklipari

    Why the GBP/USD opposed to other pairs?