Cowabunga System Daily Update: 03/14/07

If this is your first time visiting this blog, read this first!

Main Trend

Current Trend= The trend remained down the entire day.

Today I only looked for short trades.

Today’s Surf

12:45 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 9266 with a stop at the most recent swing high which was at 9304. Since I was only 16 pips away from a 50 level I decided to set my target for the same amount of pips I was risking on the trade, which in this case was 38. This put my target at 9228.

3:15 am ET- My target was hit!

Trade Result: +38 pips; R-Multiple= 1.00

Totally righteous dude! Today I was finally able to get back on the waves and catch some awesome pippage!

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  • pinetree

    Good call.

    PS. –here is a question. Before entering a trade, when the 4h and 15 min chart is alligned – I tend to take a quick look at the 5 min and 1 min chart –just to see if it is following in the general trend — if not I prefer to wait –because you are sure to loose a few pips in the begining. Why jump in if the 5 and 1 min chart is going against you.

    What is your opinion about that?

    Also please take a moment to answer a few basic question –do you live in the ET time zone? — what is your method of alerts –are you alerted by your cell phone and make trades on your phone — or do you wait by the computer at home? are you up all night watching the market and sleep in the day. This has been a big challenge for me and as the Gbp/Usd seem to be active in the late hours of the night. If you live in the ET time zone, I’m interested in how you handle this. –Cheers.

  • pinetree

    Good call.

    PS. –here is a question. Before entering a trade, when the 4h and 15 min chart is alligned – I tend to take a quick look at the 5 min and 1 min chart –just to see if it is following in the general trend — if not I prefer to wait –because you are sure to loose a few pips in the begining. Why jump in if the 5 and 1 min chart is going against you.

    What is your opinion about that?

    Also please take a moment to answer a few basic question –do you live in the ET time zone? — what is your method of alerts –are you alerted by your cell phone and make trades on your phone — or do you wait by the computer at home? are you up all night watching the market and sleep in the day. This has been a big challenge for me and as the Gbp/Usd seem to be active in the late hours of the night. If you live in the ET time zone, I’m interested in how you handle this. –Cheers.

  • bigpippin

    pinetree- please read the FAQ. All your questions will be answered there.

  • bigpippin

    pinetree- please read the FAQ. All your questions will be answered there.