Cowabunga System Daily Update: Wednesday, 02/04/09

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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 Services PMI
  • 8:15am EDT- US ADP Non-Farm Employment Change
  • 10:00am EDT- US ISM Non-Manufacturing PMI

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 1.4409 with a stop at the most recent low at 1.4364. Since I was 41 pips away from the nearest 50 or 00 level, I decided to put my target at 1.4450.

Entry: Long at 1.4409

Stop: 1.4364

Target: 1.4450

1:30pm EDT- My target was hit. Price did not make a clean break so I took my final profit. I exited at 1.4446.

3:15am EDT- There was a moving average crossover for a long trade. RSI was greater than 50, stochastics were trending up, and MACD was negative and gaining value. This was a valid entry. The entry was at the close of the candle at 1.4418 with a stop at the most recent low at 1.4323. Since I was 32 pips away from the nearest 50 or 00 level, I decided to put my target at 1.4450.

Entry: Long at 1.4418

Stop: 1.4323

Target: 1.4450

4:15pm EDT- My target wasn’t hit by this time. News was coming out at 4:30am EDT, so I manually exited my trade at 1.4404.

5:15am EDT- There was a moving average crossover for a long trade. RSI was greater than 50, stochastics were trending up, but MACD was already positive. This cancelled out the signal and I did not enter.

7:30am 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 1.4426 with a stop at the most recent low at 1.4353. Since I was 24 pips away from the nearest 50 or 00 level, I decided to put my target at 1.4450.

Entry: Long at 1.4426

Stop: 1.4353

Target: 1.4450

7:45pm EDT- My target was hit. Price didn’t make a clean break so I took my final profit. I managed to exit at 1.4445.

entry2

Trade Result: +37 -14 +19= +42 pips (NOT INCLUDING SPREAD) R-Multiple: 0.88; -0.14; 0.26

News events to watch for tomorrow :

  • 7:00am EDT- UK Official Bank Rate
  • 8:30am EDT- US Unemployment Claims

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

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  • doogie88

    Market seems to be right sideways today (Feb 5th).
    Was away earlier in the day, so didn’t trade, but looking back early on it almost seems best to stay out until it starts to move again. Do you do that on days like this? Or do you still take the trade?

  • doogie88

    Market seems to be right sideways today (Feb 5th).
    Was away earlier in the day, so didn’t trade, but looking back early on it almost seems best to stay out until it starts to move again. Do you do that on days like this? Or do you still take the trade?