Cowabunga System Daily Update: Wednesday, 02/25/09
Start your own blog and share your trades at MeetPips.com
If you haven't done so already , go check out BabyPips' newest creation, FreshPips.com !
Freshpips.com delivers to your e-door step the most relevant Forex news and research on the Web. The stories you see on FreshPips are submitted by site members – you and your fellow Forex traders. You then decide what's “fresh” and what, well, sucks. Top honors – submissions placed on the main page – are given to the stories deemed fresh by the FreshPips.com community as a whole.
Check it out, register, and start submitting cool Forex stories today!
If this is your first time visiting this blog, read this first!
Main Trend
Current Trend= The trend remained up until 7am EDT. From 3am - 7am EDT, a new trend change candle formed and changed the trend from up to DOWN. After 7am EDT, the trend remained down the rest of the day.
Today I only looked for long trades until 7am EDT. After 7am EDT, I only looked for short trades.
News events to watch for today :
- 4:30am EDT- UK Revised GDP
- 10:00am EDT- US Existing Home Sales
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 was negative and gaining value. This was a valid entry. The entry was at the close of the candle at 1.4535 with a stop at the most recent low at 1.4498. Since I was 15 pips away from the nearest 50 or 00 level, I put my initial target at 1.4550.
Entry: Long at 1.4535
Stop: 1.4498
Target: 1.4550
2:15am EDT- My target was hit. Price didn't make a clean break so I took my final profit. I exited at 1.4553.
Trade Result: +18 pips (NOT INCLUDING SPREAD) R-Multiple: 0.48
News events to watch for tomorrow :
- 2:00am EDT- UK Nationwide HPI
- 8:30am EDT- US Initial Claims
- 10:00am EDT- US New Home Sales
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: Tuesday, 02/24/09 14:08 24 February 2009
- Cowabunga System Daily Update: Tuesday, 03/03/09 13:27 03 March 2009
- Cowabunga System Daily Update: Thursday, 02/05/09 13:37 05 February 2009
- Cowabunga System Daily Update: Thursday, 03/26/09 13:28 26 March 2009
- Cowabunga System Daily Update: Tuesday, 03/10/09 13:44 10 March 2009
Archived Comments (2)
Forex Blog: Pip My System
Dude,
That sucks being a Cable trader and missing today's down move. 18 long pips are great, but Cowabunga man!! What happend? Not awake at 0430 and no alert set??
I've been using your system for about a week now and if you follow what you say about your system you can go against the trend.Just because the trend is up doesn't mean you can't place a short trade it works in either direction as long as all the indicators line up but I'm sure you know that.Just today I made 28 pips. I've also back tested it and if all the indicators line up most times it is profitable.Thanks for the system it seems to work so I will keep using it.