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.
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.
Want to discuss the Cowabunga System? Visit our Forex Forums.
Related Posts:
- Cowabunga System Daily Update: Thursday, 09/03/09 16:04 03 September 2009
- Cowabunga System Daily Update: Wednesday, 12/02/09 12:37 02 December 2009
- Cowabunga System Daily Update: Tuesday, 01/05/2010 14:50 05 January 2010
- Cowabunga System Daily Update: Tuesday, 11/03/09 15:32 03 November 2009
- Cowabunga System Daily Update: Thursday, 11/05/09 13:35 05 November 2009
Comments (3)
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Forex Blog: Pip My System
What does R-Multiple means?
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.
where have you been pip surfer? its lonely trading the bunga without you man