Cowabunga System Daily Update: 04/12/07
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Main Trend
Current Trend= The trend remained up the entire day
Today I only looked for long trades.
Today's Surf
1:15 am ET - 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 a valid entry. The entry was at the close of the candle which was at 9761 with a stop at the most recent swing low which was at 9740. Since I was 39 pips away from the nearest 00 level I decided to set my target at 9800.
4:30 am ET- Unfortunately I am stopped out of my trade.
6:45 am ET- 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 a valid entry. The entry was at the close of the candle which was at 9762 with a stop at the most recent swing low which was at 9735. Since I was 38 pips away from the nearest 00 level I decided to set my target at 9800.
10:15 am ET- My target is hit and it looked like the Cable was struggling to stay at 9800 so I went ahead and took my final profit
Trade Result: -21 +38 = +17 pips; R-multiple= -1.00; 1.40
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Related Posts:
- Cowabunga System Daily Update: 04/11/07 16:12 11 April 2007
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- Cowabunga System Daily Update: 04/16/07 17:37 16 April 2007
- Cowabunga System Daily Update: 04/13/07 15:37 15 April 2007
- Cowabunga System Daily Update: 07/16/07 21:21 16 July 2007
Comments (3)
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Forex Blog: Pip My System
hi BP,
I understand the software that u use is Xtick, My question is how can I set up my charts to look like the cowabunga system? Iv'e read FAQ but I still need help.
thanks
I saw the buy trade at 1:15am -- but I did not take it b/c histogram was already positve. I thought the rule is histogram has to be negative moving to positive. In this case it seems histogram was moving from positive to another positive -- which should have invalidated the trade --as per cow bunga rules. Correct?
Jnun- What specifically are you having problems with in the setup?
pinetree- If you stretch out your MACD histogram you'll see that it actually was negative for 1 bar right before our signal. On my chart above, I didn't stretch it out so it looks like it's actually slightly positive. Go back to that signal and stretch out your MACD histogram and you'll see that it was actually a valid signal. Happy trading!