Cowabunga System Daily Update: 03/12/07
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Main Trend
Current Trend= Although we had a big drop in the GBP/USD, the trend remained up the entire day.
Today I only looked for long trades.
Today's Surf
2:00 pm ET- 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. However because the entry occurred very late in the day I decided not to enter this trade.
Trade Result: +0 pips
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Archived Comments (3)
Forex Blog: Pip My System
Today, we could have used a little direction, the GPD/USD dropped just shy of 200 pip after morning news, would have been nice to see that coming, and Eur/usd was suppose to head south as well, but turned and hit new highs, explain that, I got stopped out of a nice trade. looking forward to the week.
Hello PS. With the four hour chart having short and brief cross overs since last week -- I count four since March 6 --I am reluctant to make any trades until I see a more normal and better wave pattern the cable usually gives. WHat is your opinion? I find the present climate not too suitable for the cowbunga system. If one wants to trade in this climate, one should look for small pip profits and a quick exit plan. What do you think, cheers?
Pinetree- Excellent call dude. The FX is an everchanging market so keeping an eye on dangerous conditions is a very important thing to do. I definitely agree with your idea to look for smaller pip profits until the Cable starts to move like normal again. I will be doing the same. Cowabunga dudeee!