Cowabunga System Daily Update: 03/08/07
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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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Related Posts:
- Cowabunga System Daily Update: 03/28/07 15:55 28 March 2007
- Cowabunga System Daily Update: 03/22/07 15:28 22 March 2007
- Cowabunga System Daily Update: 03/20/07 16:46 20 March 2007
- Cowabunga System Daily Update: 04/05/07 14:01 05 April 2007
- Cowabunga System Daily Update: 03/26/07 15:05 26 March 2007
Archived Comments (2)
Forex Blog: Pip My System
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
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.