Cowabunga System Daily Update: 01/25/07
If this is your first time visiting this blog, read this first!
Main Trend
Current Trend= Trend remained down for the entire day.
Today I only looked for short trades.
Today's Surf
9:30 pm ET-There was a moving average crossover for a short trade but MACD was negative which cancelled the signal. No entry.
11:45 pm ET- Another moving average crossover for a short trade but MACD was still negative which cancelled the signal. No entry.
5:00 am ET- There is a moving average crossover for a short trade. RSI<50, Stochastics are trending down, and MACD is positive while losing value. This is a valid entry. Entry was at the close of the candle which was at 9683 with a stop at the most recent swing high which was at 9733. Since I was 33 pips away from a 50 level I decided to target 9650 as my first target.
2:15 pm ET- My initial target is hit and the price actually makes a clean break and closes under 9650. Seeing this price action, I move my stop to 9650 and decide to go for my next target. What's my next target? Well since I was initially risking 50 pips on this trade, why not go for a 50 pip profit? This effectively put my sights on 9633 as my next target.
2:30 pm ET- Price makes a clean break of 9633 and closes below it. Once again I decide to move my stop and capture more pips. This time my target is set for 9600.
2:45 pm ET- Unfortunately, the Cable was done moving and I was stopped out at 9633.
Trade Result:+50 pips. Initial R-Multiple= 0.66; Final R-Multiple= 1.00
Tomorrow we have Durable Goods and New Home Sales. If I am in a trade before then, I will exit before the news reports whether I'm positive or negative. Happy trading!
Related Posts:
- Cowabunga System Daily Update: 01/26/07 16:03 26 January 2007
- Cowabunga System Daily Update: Monday, 01/07/08 16:29 07 January 2008
- Cowabunga System Daily Update: 04/06/07 13:20 08 April 2007
- Cowabunga System Daily Update: 06/11/07 18:19 11 June 2007
- Cowabunga System Daily Double Update: 12/20/07 - 12/21/07 10:59 22 December 2007
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Forex Blog: Pip My System
1. When I took a screenshot of my chart, it shows the values of the current price of the pair, moving averages, and any lines I draw.
2. You can make notes on some charts but I take a screenshot of my chart and use a graphics program to put notes on it.
3. It depends on what kind of account you are trading.
4. Please read the "read me first" section under the "about" section of this blog.
If I may make a suggestion. From the looks of it, you are very new to the Forex. I'm excited for you as you start this journey but I highly recommend that you read the entire "School of Pipsology" before following these blogs. The blogs are meant for traders that have a basic understanding of the Forex. You won't gain much value by following the blogs blindly. Once you finish reading and re-reading the "School", come back and I guarantee that you will find them much more interesting and helpful. Happy trading!
In fact, with a little tweaking you probably could get this system to work with the EUR/USD. I'm sure the crossovers +RSI+Stoch+MACD will give you good entry points, you just have to find suitable stops and targets since it does move different than the Cable. Try it out and demo it. You might find something that will better suit your trading availability, style, and personality.