Cowabunga System Daily Update: Tuesday, 03/01/11

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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

1:30am EST- There was a signal here but because it was right before the 2:00am EST news, I did not enter.

2:45am 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 valid entry.

The entry was at the close of the candle at 1.6286 with a stop at the most recent swing low at 1.6252. Since I was 14 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.6300.

Entry: Long at 1.6286 Stop: 1.6252 Target: 1.6300

3:00am EST- My target was hit. Price made a clean break so I moved my stop to 1.6300 and set my next target for 1.6350.

4:00am EST- Unfortunately I got stopped out at my original target. (+14 pips)

9:15am EST- There was a signal here but because it was right before the 10:00am EST news, I did not enter.

10:45am 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 valid entry.

The entry was at the close of the candle at 1.6307 with a stop at the most recent swing low at 1.6251. Since I was 43 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.6350.

Entry: Long at 1.6307 Stop: 1.6251 Target: 1.6350

12:00pm EST- My target wasn’t hit by this time. Since it was 12 noon EST, I decided to go ahead and close out my trade. I exited at 1.6315. (+8 pips)

entry2

Trade Result: +14 +8= +22 pips R-Multiple: 0.41; 0.14

News events to watch for Wednesday:

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

    Hi big pippin, it’s very nice system i’m using it right now, really today was nice but was lot choopy lot of up and downs, but anyway still a nice day as the system grabbed +22 pips, very nice system many thnx

  • TradeHunter

    this system is great addition to my trading toolbox :)

  • TradeHunter

    Hi big pippin, it’s very nice system i’m using it right now, really today was nice but was lot choopy lot of up and downs, but anyway still a nice day as the system grabbed +22 pips, very nice system many thnx

  • TradeHunter

    this system is great addition to my trading toolbox :)

  • TradeHunter

    sorry for mentioning your name wrong :) pip surfer