Cowabunga System Daily Update: Thursday, 09/09/2010
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Main Trend
Current Trend
The trend was up until 8am EST. From 4am - 8am EST a new trend change candle formed and change the trend from up to DOWN. After 8am EST, the trend remained down the rest of the day.
Today I only looked for long trades until 8am EST. After 8am EST, I only looked for short trades.
News events to watch for today :
- 4:30am EST- UK Trade Balance
- 7:00am EST- UK BOE Interest rate announcement
- 8:30am EST- US Trade Balance ; Initial Claims
Today's Surf
1:15am EST- There was a moving average crossover for a long trade. RSI was greater than 50, stochastics were trending up and MACD went from negative to positive. This was a valid entry.
The entry was at the close of the candle at 1.5465 with a stop at the most recent swing low at 1.5440. Since I was 35 pips away from the nearest 50 or 00 level, I decided to put my target at 1.5500.
Entry: Long at 1.5465 Stop: 1.5440 Target: 1.5500
2:00am EST- Unfortunately I was stopped out of my trade. (-25 pips)
6:45am EST- There was almost a signal here but MACD didn't meet our criteria. Also because it was before a news candle I would not have entered even if it was a valid signal.
Trade Result: -25 Pips (NOT INCLUDING SPREAD) R-Multiple: -1.00
News events to watch for Friday:
- None
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: Wednesday, 09/08/2010 12:44 08 September 2010
- Cowabunga System Daily Update: Thursday, 10/07/2010 14:29 07 October 2010
- Cowabunga System Daily Update: Wednesday, 09/15/2010 12:52 15 September 2010
- Cowabunga System Daily Update: Wednesday, 10/06/2010 13:50 06 October 2010
- Cowabunga System Daily Update: Wednesday, 09/22/2010 12:31 22 September 2010
Archived Comments (3)
Forex Blog: Pip My System
Could you advice on how to identify the trend candles? Thanks.
G'Day. Rob here from Australia.
May I make a suggestion to just to help out myself & others who live in different time zones.
On your Charts that you disply(4Hr & 15min) could you put in a Vertical Line so as to show when the day actually begins. Sometimes I find it difficult or time consuming to match up candles on my charts to yours. A vertical line (dotted) indicating the start of your new day would be realy helpful.
Of course it is only a suggestion and entirely up to you.
Cheers
Rob.
Dont worry, I worked it out from the time zones.
Keep up the good work.
I love the system and now use a lot.
Regards
Rob.
PS. Come to Aus and I will recomend to you some great surf spots.