Cowabunga System Daily Update: 03/15/07
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Main Trend
Current Trend= There was a trend change candle from 12am ET- 4am ET that changed the trend from down to up. The trend remained up after 4am ET.
Today I only looked for long trades.
Today's Surf
4:45 am ET- 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 which was at 9342 with a stop at the most recent swing low which was at 9306. Since I was only 8 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 36. This put my target at 9378.
8:30 am ET- My target was hit!
Trade Result: +36 pips; R-Multiple= 1.00
Although the waves weren't as big as I normally like, I was still digging the awesome wave I caught. Awesome dude!
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Related Posts:
- Cowabunga System Daily Update: 06/12/07 16:25 12 June 2007
- Cowabunga System Daily Update: 03/14/07 16:40 14 March 2007
- Cowabunga System Daily Update: 07/09/07 15:57 09 July 2007
- Cowabunga System Daily Update: 04/05/07 14:01 05 April 2007
- Cowabunga System Daily Update: 07/16/07 21:21 16 July 2007
Comments (3)
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Forex Blog: Pip My System
does this system work equally well on the other majors or is it specific to gbpusd?
Matthew- I've only thoroughly tested it on the GBP/USD but am testing it on other pairs right now to see its effectiveness. Read the FAQ page. It might answer alot of your questions. Surfs up dude!
What are the two moving average lines? If you simplify your system to just the moving averages, maybe the MACD won't short circuit trades like it did for the 16 Mar 07 trade.