Cowabunga System Daily Update: 03/26/07
If this is your first time visiting this blog, read this first!
Main Trend
Current Trend= The trend remained down until 12pm ET. A new trend change candle formed from 8am - 12 pm ET and changed the trend from down to UP. After 12pm ET the trend remained up.
Today I only looked for short trades until 12pm ET. After 12pm ET I only looked for long trades.
Today's Surf
3:15 am ET - 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 which was at 9595 with a stop at the most recent swing high which was 9640. Since I was 45 pips away from the nearest 50 level I decided to set my target at 9550.
9:15 am ET - Ouch! We hit a major wipeout and are stopped out of the trade.
Trade Result: -45 pips ; R-Multiple= -1.00
Questions? Read the Cowabunga FAQ.
Want to discuss the Cowabunga System? Visit our Forums.
Related Posts:
- Cowabunga System Daily Update: 05/16/07 14:08 16 May 2007
- Cowabunga System Daily Update: 08/29/07 13:10 29 August 2007
- Cowabunga System Daily Update: 04/30/07 16:43 30 April 2007
- Cowabunga System Daily Update: Monday, 10/08/07 14:00 08 October 2007
- Cowabunga System Daily Update: 05/09/07 14:55 09 May 2007
Archived Comments (2)
Forex Blog: Pip My System
Hey Cowa,
Why no take the long entry at the second crossover around 12:00 (7:00 your chart) and ride like the wind? All systems were "GO" as far as I can tell. Would have been a nice ride. Over 100 pips at the top of the wave, Dude!
Just my view from the beach, Man.
Later,
Surfsup
Hey dude. Are you referring to the buy signal? The reason I didn't take it is because my 4hr chart trend was still down. Sure a new trend change candle was actually forming at this time, but the 4hr trend doesn't "officially" change until after the close of that candle. So in this case I would've had to wait until after 12pm ET before I could even think of taking a long signal. Hope that helps dude. Party on!