Cowabunga System Daily Update: Wednesday, 11/12/08

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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 :

  • 4:30am EDT- UK Claimant Count Change
  • 5:30am EDT- UK Inflation Report

Today’s Surf

3:00am EDT- 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 1.5419 with a stop at the most recent swing high at 1.5478. Since I was 19 pips away from the nearest 50 or 00 level, I decided to put my target at 1.5400.

Entry: Short at 1.5419

Stop: 1.5478

Initial Target: 1.5400

3:30am EDT- My target was hit at 1.5400. Price made a clean break so I moved my stop to 1.5400 and set my next target for 1.5350.

4:00am EDT- My 2nd target was hit at 1.5350. This time, price did not make a clean break so I closed my trade. I exited at 1.5345.

entry2

Trade Result: +74 pips (NOT INCLUDING SPREAD) R-Multiple: 1.25

News events to watch for tomorrow :

  • 8:30am EDT- US Trade Balance

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

Questions? Read the Cowabunga FAQ.

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  • vanman

    I have questions, what trading platform do you use? Is MT4 any good

  • dhannan1

    There was a huge movement we missed out on. When the movement goes sideways for awhile without the moving averages crossing and then continues downward…can you ever or should you ever re-enter the trade or is it to risky and shouldn’t get into that habit?

  • vanman

    I have questions, what trading platform do you use? Is MT4 any good

  • dhannan1

    There was a huge movement we missed out on. When the movement goes sideways for awhile without the moving averages crossing and then continues downward…can you ever or should you ever re-enter the trade or is it to risky and shouldn’t get into that habit?

  • lissyking

    Hey Dude, Whats up? First of all I love your system and blog. I have 3 Questions, I am using the Meta4 trading software, how do you create the black candle that tells you when a trend has change? Also, do you think I can use this system on EUR/USD pair? Finally, Should I change my RSI value from default setting of 14 to 9? Thanks alot

  • lissyking

    Hey Dude, Whats up? First of all I love your system and blog. I have 3 Questions, I am using the Meta4 trading software, how do you create the black candle that tells you when a trend has change? Also, do you think I can use this system on EUR/USD pair? Finally, Should I change my RSI value from default setting of 14 to 9? Thanks alot