Cowabunga System Daily Update: Wednesday, 04/06/11

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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

1:45am 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 1.6333 with a stop at the most recent swing low at 1.6322. Since I was 17 pips away from the nearest 50 or 00 level, I decided to set my initial target at 1.6350.

Entry: Long at 1.6333 Stop: 1.6322 Target: 1.6350

2:45am EST- My target was hit. Price did not make a clean break so I took my final profit. I exited at 1.6347. (+14 pips)

10:15am EST- There was a moving average crossover for a long trade. RSI was greater than 50, stochastics were trending up, but MACD was already positive from the previous candle. This cancelled out the signal and I did not enter.

entry2

Trade Result: +14 pips R-Multiple: 1.30; 1.27

News events to watch for Thursday:

For a complete list of news events check out our Forex Economic Calendar.
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  • Steve44MCaUSA

    HELP:
    Love your work. Just got started with the Xtick program. Only thing I can not figure out is how to get Text/Notes into the Charts. Only way so far is to make a box figure and then insert the text. I have a feeling I just have not found the right place to click.
    I know you type up this Blog daily and there must be a better way to make notes on chart. LIKE you do, so you know where you are at, and the over all plan.

    I tried searching the web, can not find solution.
    I will look back at this page for reply.

  • Steve44MCaUSA

    HELP:
    Love your work. Just got started with the Xtick program. Only thing I can not figure out is how to get Text/Notes into the Charts. Only way so far is to make a box figure and then insert the text. I have a feeling I just have not found the right place to click.
    I know you type up this Blog daily and there must be a better way to make notes on chart. LIKE you do, so you know where you are at, and the over all plan.

    I tried searching the web, can not find solution.
    I will look back at this page for reply.