Cowabunga System Daily Update: 03/13/07
If this is your first time visiting this blog, read this first!
Main Trend
Current Trend= There was a trend change candle from 8pm ET- 12am ET. After that, the trend remained down the entire day.
Today I only looked for short trades.
Today's Surf
2:30 am ET- 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 which was at 9296 with a stop at the most recent swing high which was at 9325. Since we've been having such choppy conditions I decided to set my target for the same amount of pips I was risking on the trade which was 29. This put my target at 9267.
9:30 am ET- Unfortunately I am stopped out of my trade. Bummer!
1:00 pm ET- 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 which was at 9313 with a stop at the most recent swing high which was at 9347. Once again I set my target for the same amount of pips I was risking in the trade which was 34. This put my target at 9279.
4:00 pm ET- Unfortunately my target is not hit by this time and I manually close out my trade. I exited at 9291.
Trade Result: -29 +22= -7 pips; R-Multiple= -1, .64
Questions? Read the Cowabunga FAQ.
Want to discuss the Cowabunga System? Visit our Forums.
Related Posts:
- Cowabunga System Daily Update: 06/11/07 18:19 11 June 2007
- Cowabunga System Daily Update: 07/09/07 15:57 09 July 2007
- Cowabunga System Daily Update: 07/30/07 18:29 30 July 2007
- Cowabunga System Daily Update: 06/13/07 22:31 13 June 2007
- Cowabunga System Daily Update: 05/09/07 14:55 09 May 2007
Archived Comments (4)
Forex Blog: Pip My System
I have been watching the USDJPY and utilizing the Cowabunga system to get better entry points. I use MT4 and I have two questins - (1) Is there a way to set the computer to alert me when the conditions are met using MT4? I can't sit in front of the computer all the time and when I check the charts I will find that I missed 'the crossover' by 5-20 minutes. I hesitate to go ahead and enter the trade; which leads me to my 2nd question. How long after the 'crossover' and other indicators is it still safe to enter a trade?
You mean your entry was at 2:30am ET --right?
Pinetree- haha yes I meant 2:30 am. Thanks for the correction!
nickelnm- Read the "FAQ" page and there is a section on MT4. That should help you out. Happy trading!