Cowabunga System Daily Update: Wednesday, 02/11/09


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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 :

  • 4:30am EDT- UK Claimant Count Change
  • 5:30am EDT- UK BOE Inflation Report
  • 8:30am EDT- US Trade Balance

Today’s Surf

12:15am EDT- There was a moving average crossover for a short trade. RSI was less than 50, stochastics were trending down, and MACD was positive and losing value. This was a valid entry. The entry was at the close of the candle at 1.4488 with a stop at the most recent high at 1.4521. Since I was 38 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.4450.

Entry: Short at 1.4488

Stop: 1.4521

Target: 1.4450

12:30am EDT- My target was hit. Price made a clean break so I moved my stop to 1.4450 and set my next target at 1.4400.

12:45am EDT- Unfortunately I was stopped out at 1.4450.

5:45am 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 1.4339 with a stop at the most recent high at 1.4552. Since I was 39 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.4300.

Entry: Short at 1.4339

Stop: 1.4552

Target: 1.4300

2:30pm EDT- My target wasn’t hit by this time and it was late in the day. I couldn’t monitor my trade anymore so I just cut my losses and exited. I managed to close out at 1.4356.

entry2

Trade Result: +38 -17= +21 pips (NOT INCLUDING SPREAD) R-Multiple: 1.15; -0.08

News events to watch for tomorrow :

  • 8:30am EDT- US Retail Sales m/m; Unemployment Claims

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

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  • mrottman

    How do I get this set up on Metatrader?

  • mrottman

    How do I get this set up on Metatrader?