Cowabunga System Daily Update: Tuesday, 11/25/08
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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 :
- 4:30am EDT- UK MPC Treasury Committee Hearings
- 8:30am EDT- US GDP Prelim
- 10:00am EDT- US Consumer Confidence
Today's Surf
12:00am EDT- 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 1.5124 with a stop at the most recent swing low at 1.5083. Since I was 26 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.5150.
Entry: Long at 1.5124
Stop: 1.5083
Initial Target: 1.5150
12:15am EDT- My target was hit. Price did not make a clean break of my target so I took my final profit. I exited at 1.5143.
3:00am EDT- 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 1.5136 with a stop at the most recent swing low at 1.5065. Since I was 14 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.5150.
Entry: Long at 1.5136
Stop: 1.5065
Initial Target: 1.5150
9:00am EDT- My target was hit. Price did not make a clean break of my target so I took my final profit. I exited at 1.5145.
7:00am EDT- 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 1.5108 with a stop at the most recent swing low at 1.5054. Since I was 42 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.5150.
Entry: Long at 1.5108
Stop: 1.5054
Initial Target: 1.5150
7:30am EDT- Unfortunately I was stopped out of my trade.
8:30am EDT- There was a valid signal here but because it was a news candle, I did not enter.
Trade Result: +19 +9 -54= -26 pips (NOT INCLUDING SPREAD) R-Multiple: 0.46; 0.12; -1.00
News events to watch for tomorrow :
- 4:30am EDT- UK Revised GDP
- 8:30am EDT- US Unemployment Claims; Durable Goods
- 10:00am EDT- US New Home Sales
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: Monday, 12/01/08 14:11 01 December 2008
- Cowabunga System Daily Update: Wednesday, 11/19/08 13:38 19 November 2008
- Cowabunga System Daily Update: Tuesday, 12/02/08 14:36 02 December 2008
- Cowabunga System Daily Update: Monday, 01/05/09 13:09 05 January 2009
- Cowabunga System Daily Update: Tuesday, 12/09/08 20:05 09 December 2008
Archived Comments (5)
Forex Blog: Pip My System
when you look at the news event that are coming out, do you only pay attention to the RED flag impact news? Thanks dude.
Hey Dude, I was watching your updaste for yesterday and I got the same wins. Unfortunately you didnt enter after the news candle which I did and I am confused why you didnt. This is why, you said one of the rules of the system is to not trade a news candle stick. Which means, let say we have a news candle at 4:00am, but a From yesterday action, the news candle was 8:30am after which we got a valid signal to enter which is the opening of the 8:45am candle, rsi was above 50, stoch pointing up and macd from negative to positive.....all thanks to the news candle stick
Hey Dude, I was watching your updaste for yesterday and I got the same wins. Unfortunately you didnt enter after the news candle which I did and I am confused why you didnt. This is why, you said one of the rules of the system is to not trade a news candle stick. Which means, let say we have a news candle at 4:00am, but at that time we got a valid signal at the opening of the 4:00am candle...then we would not enter according to the rules since we are entering at a news candle. But from yesterday action, the news candle was 8:30am after which we got a valid signal to enter which is the opening of the 8:45am candle, rsi was above 50, stoch pointing up and macd from negative to positive.....all thanks to the news candle stick which gave us a valid entry position, I entered after the closed of the news candle and gained 50 pips.
But why didnt you enter after at the opening of the 8:45am candle since after the news candle we got our valid signal?
Please verify with me...thanks dude
Hi, great blog! My favorite to date on BabyPips.
I was just wondering, isn't risking 41 pips to make 26 a bad risk/reward ratio?
Feel free to ignore this comment if you've already discussed this previously in other videos.
Hi Pipsurfer! I understand you exit your trades manually. Have a question on exiting trades when there is or isn't a "cleanbreak"...how do you actually determine whether there is or isn't a "cleanbreak" when the price is moving "live" during the 15mins candle? You mentioned before about looking at the momentum and even going down to a lower time frame to check the momentum. I couldn't quite get it... as in a 15mins candle, the price could go "cleanbreak" in a minute and lose momentum the next minute. Thanks!