Cowabunga System Daily Update: Thursday, 01/15/09
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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 :
- 8:30am EDT- US PPI; Unemployment Claims
- 10:00am EDT- US Philly Fed Index
Today's Surf
3:45am 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 1.4587 with a stop at the most recent high at 1.4648. Since I was 37 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.4550.
Entry: 1.4587
Stop: 1.4648
Target: 1.4550
4:30am EDT- Unfortunately I was stopped out of my trade.
Trade Result: -61 pips (NOT INCLUDING SPREAD) R-Multiple: -1.00
News events to watch for tomorrow :
- 8:30am EDT- US CPI
- 9:00am EDT- US TIC Data
- 9:55am EDT- US Prelim UoM Consumer Sentiment
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: Thursday, 12/18/08 14:02 18 December 2008
- Cowabunga System Daily Update: Tuesday, 01/06/09 14:26 06 January 2009
- Cowabunga System Daily Update: Monday, 01/05/09 13:09 05 January 2009
- Cowabunga System Daily Update: Thursday, 01/08/09 13:45 08 January 2009
- Cowabunga System Daily Update: Tuesday, 12/02/08 14:36 02 December 2008
Comments (5)
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Forex Blog: Pip My System
Wassup homie, just like to say thanks again for all your help. But one ?. what is the R multiple? Oh yeah don't feel bad about today, I was down 78 pips, but was able to get back all but 10 of them. I'm using your system on the EUR/USD and USD/JPY. But I've adjusted the EMA, RSI, and the Stochastic. Still in the trial and error part of it. But once I start filling more better about it, I'll do as you did, by passing it on. I've found that when you give back, you tend to recieve more. So thanks again for everything!!!!!
hey.. guess i need some clarification.. u using an stochastic,ema n rsi indicators rite? may i know what value shud i set them if im using a 15min,30min n 1h chart? n do u decide for short trade or long before looking at the chart or after looking at the chart?
Please how do i determine a crossover candle?
Hi netcoil, I think a crossover Candle is the candle and before were one side of the MA , and close at the other side.
Hey dude, do you usually login at babypips chat room?