Cowabunga System Daily Update: 03/26/07

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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

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  • surfsup

    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

  • surfsup

    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

  • pipsurfer

    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!

  • pipsurfer

    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!