Cowabunga System Daily Update: Wednesday, 02/02/11

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Main Trend

Current Trend

The trend was up the entire day.

Today I only looked for long trades.

News events to watch for today :

Today’s Surf

2:30am EST- There was a moving average crossover for a long trade. RSI was greater than 50, stochastics were trending up and MACD was negative and gaining value. This was valid entry.

The entry was at the close of the candle at 1.6167 with a stop at the most recent swing low at 1.6150. Since I was 33 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.6200.

Entry: Long at 1.6167 Stop: 1.6150 Target: 1.6200

4:15am EST- My target wasn’t hit by this time. Since news was coming out at 4:30am EST I decided to manaully exit my trade. I closed out at 1.6180. (+13 pips)

8:30am EST- There was a moving average crossover for a long trade. RSI was greater than 50, stochastics were trending up and MACD was negative and gaining value. This was valid entry.

The entry was at the close of the candle at 1.6207 with a stop at the most recent swing low at 1.6181. Since I was 43 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.6250.

Entry: Long at 1.6207 Stop: 1.6181 Target: 1.6250

9:00am EST- Unfortunately I was stopped out of my trade. (-26 pips)

10:15am EST- There was a moving average crossover for a long trade. RSI was greater than 50, stochastics were trending up and MACD was negative and gaining value. This was valid entry.

The entry was at the close of the candle at 1.6200 with a stop at the most recent swing low at 1.6174. Since I was 50 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.6250.

Entry: Long at 1.6200 Stop: 1.6174 Target: 1.6250

11:15am EST- Unfortunately I was stopped out of my trade. (-26 pips)

entry2

Trade Result: +13 -26 -26= -39 pips R-Multiple: 0.76; -1.00; -1.00

News events to watch for Thursday:

For a complete list of news events check out our Forex Economic Calendar.
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  • aboutthepips

    hi ive just stumbled across what you are doing and its very much in line with what i am doing. i find that incorporating bollinger bands helps alot because they act like long term resistance. i have been testing the macd five-ten rsi and stochs and have been having a fair bit of success if i have the patience to wait until they cross over bollinger as well. i find that rsi can be in the right position sometimes but still just a little of bollinger so i got in and it hits bollinger and retracts instead of the reversal i was hoping for.

  • aboutthepips

    hi ive just stumbled across what you are doing and its very much in line with what i am doing. i find that incorporating bollinger bands helps alot because they act like long term resistance. i have been testing the macd five-ten rsi and stochs and have been having a fair bit of success if i have the patience to wait until they cross over bollinger as well. i find that rsi can be in the right position sometimes but still just a little of bollinger so i got in and it hits bollinger and retracts instead of the reversal i was hoping for.