Cowabunga System Daily Update: Wednesday, 05/20/09
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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 EST- UK BOE Minutes
- 2:00pm EST- US FOMC Minutes
Today's Surf
3:00am EST- There was a moving average crossover for a short 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 1.5488 with a stop at the most recent low at 1.5449. Since I was only 12 pips away from the nearest 00 or 50 level (1.5500), I decided to go for the same amount of pips I was risking on the trade, which in this case was 39. This put my initial target at 1.5527.
Entry: Long at 1.5488 Stop: 1.5449 Target: 1.5527
4:15am EST- My target wasn't hit by this time, and I knew that news was coming out 4:30. As a result, I manually exited my trade. I closed out at 1.5510.
7:30am EST- There was a moving average crossover for a short 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 1.5524 with a stop at the most recent low at 1.5458. Since I was 26 pips away from the nearest 00 or 50 level, I put my initial target at 1.5550.
Entry: Long at 1.5524 Stop: 1.5458 Target: 1.5550
9:45am EST- My target was hit. Price made a clean break so I moved my stop to 1.5550 and set my next target for 1.5600. During this same candle, my 2nd target was hit so I moved my stop to 1.5600 and set my next target for 1.5650.
10:00am EST- Unfortunately I got stopped out at 1.5600.
Trade Result: +22 +76= +98 pips (NOT INCLUDING SPREAD) R-Multiple: 0.56; 1.15
News events to watch for tomorrow:
- 4:30am EST- UK Retail Sales m/m
- 8:30am EST- US Unemployment Claims
- 10:00am EST- US Philly Fed Manufacturing Index
For a complete list of news events check out our Forex Economic Calendar.
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Comments (2)
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Forex Blog: Pip My System
I took cross at the close of the 23:45 candle so trade entry at 23:00. Basically same level as your 3:00 entry with same result (due to a slightly larger stop then exact swing low). Is that (23:00 closing time) to early for an entry??
oops, meant 00:00 entry time for close of 23:45 candle