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 :

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.

entry2

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.
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  • haoshoken

    Could you advice on how to identify the trend candles? Thanks.

  • haoshoken

    Could you advice on how to identify the trend candles? Thanks.

  • borremor

    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.

  • borremor

    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.

  • borremor

    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.

  • borremor

    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.