Cowabunga System Daily Update: Wednesday, 09/02/2009

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Main Trend

Current Trend

The trend stayed down the entire day.

Today I only looked for short trades.

News events to watch for today :

  • 4:30am EST– UK Purchasing Manager Index Construction
  • 8:15am EST– US ADP Employment Change
  • 8:30am EST– US Non-Farm Productivity
  • 10:00am EST– US Factory Orders
  • 2:00pm EST– US FOMC Meeting Minutes

Today’s Surf

1:30am EST– There was a moving average crossover for a short trade. RSI was less than 50, stochastics were trending down and MACD was positive and losing value. This was a valid entry

The entry was at the close of the candle at 1.6156 with a stop at the most recent high at 1.6178. Since I was only 6 pips away from the nearest 50 or 00 level (1.6150), I decided to go for the same amount of pips I was risking on the trade, which in this case was 22. This put my initial target at 1.6134.

Entry: Short at 1.6156 Stop: 1.6178 Target: 1.6134

2:00am EST– Unfortunately I was stopped out of my trade.

3:00am EST– 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 at 1.6146 with a stop at the most recent high at 1.6191. Since I was 46 pips away from the nearest 50 or 00 level, I put my initial target at 1.6100.

Entry: Short at 1.6146 Stop: 1.6191 Target: 1.6100

4:15am EST– My target wasn’t by this time and news was about to come out at 4:30am EST. I manually exited my trade and closed out at 1.6133.

9:30am EST– There was a moving average crossover for a short trade but it was right before news at 10:00am EST, and it didn’t meet the criteria of a signal. No entry.

entry2

Trade Result: -22 +13= -9 pips (NOT INCLUDING SPREAD) R-Multiple: -1.00; 0.28

News events to watch for tomorrow:

  • 4:30am EST– UK Services PMI
  • 8:30am EST– US Unemployment Claims
  • 10:00am EST– US ISM Non-Manufacturing PMI

For a complete list of news events check out our Forex Economic Calendar.
Questions? Read the Cowabunga FAQ.

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  • CoenDeDerde

    What does R-Multiple means?

  • JohnStarlo

    Very super, this strategy takes the boredom out of trading. I use EMA 5, 10 & 48 on the 15 minutes chart. If the EMA 10 crosses 48 then I check the 4hr charts to see if a new trend is forming. As soon as EMA 5 goes between EMA 10 & 48, I check to see if the market is ranging. To do this I find the average between the EMA 5 & 10 and then subtract it from the EMA 48, I then devide the end result by the daily ATR. The lower the fraction the more it indicates a possible range to me, does that make any sense to you? Am I doing foolishness? I didn’t trade today because I thought a range was forming.

  • Pipenstien

    where have you been pip surfer? its lonely trading the bunga without you man

  • CoenDeDerde

    What does R-Multiple means?

  • JohnStarlo

    Very super, this strategy takes the boredom out of trading. I use EMA 5, 10 & 48 on the 15 minutes chart. If the EMA 10 crosses 48 then I check the 4hr charts to see if a new trend is forming. As soon as EMA 5 goes between EMA 10 & 48, I check to see if the market is ranging. To do this I find the average between the EMA 5 & 10 and then subtract it from the EMA 48, I then devide the end result by the daily ATR. The lower the fraction the more it indicates a possible range to me, does that make any sense to you? Am I doing foolishness? I didn’t trade today because I thought a range was forming.

  • Pipenstien

    where have you been pip surfer? its lonely trading the bunga without you man