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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4 comments

  1. 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.

    Reply
  2. 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.

    Reply

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