Cowabunga System Daily Update: 03/08/07

If this is your first time visiting this blog, read this first!

Main Trend

Current Trend= Trend remained down for most of the day.

Today I only looked for short trades. The trend changed from up to down but that wasn’t until 3pm ET so I wasn’t looking for trades at that time.

Today’s Surf

11:00 am ET - There was a moving average crossover for a short trade. RSI<50, Stochastics were trending down, and MACD was positive and losing value. This was a valid entry. I entered at the close of the candle which was at 9305 and set my stop at the most recent swing low which was at 9278. Since I was 45 pips away from the nearest 50 level I decided to set my target for 9350.

4:00 pm ET – Unfortunately my target wasn’t hit and as part of my rules, I closed out my trade at this time. I exited at 9290.

Trade Result: -15 pips; R-Multiple= -0.55

The Cable has been really choppy lately so I’m not too worried about the losses this week. The Cable usually moves in nice waves so I don’t think these conditions will last too much longer….at least I hope! Hang in there dudes and dudettes. We’ll catch our monster wave soon!

Tomorrow the NFP is released at 8:30 am ET. If I am in a trade at that time I will exit before right before the report.

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4 comments

  1. alexybull

    Dear Sir,

    In choosing STO indicator parameters it asks me the following options: Price field: High/Low or Close/Close – which one you recommend to choose for STO.

    In ‘MA Method’ for STO I have two options: Exponential or Simple – what is your choice.

    Last one are you using the default 10,3,3 in STO or a different one

    Thank you

    Reply
  2. alexybull

    Dear Sir,

    In choosing STO indicator parameters it asks me the following options: Price field: High/Low or Close/Close – which one you recommend to choose for STO.

    In ‘MA Method’ for STO I have two options: Exponential or Simple – what is your choice.

    Last one are you using the default 10,3,3 in STO or a different one

    Thank you

    Reply
  3. Big Pippinbigpippin

    Alexybull- Please refer to the “Read me First” post. It has all my indicator settings. I would use Close/Close and Simple stochastics. Hope that helps.

    Reply
  4. Big Pippinbigpippin

    Alexybull- Please refer to the “Read me First” post. It has all my indicator settings. I would use Close/Close and Simple stochastics. Hope that helps.

    Reply

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