Cowabunga System Daily Update: Monday, 08/15/11

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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

1:15am 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 a valid entry. The entry was at the close of the candle at 1.6294 with a stop at the most recent low at 1.6277. Since I was only 6 pips away from the nearest 50 or 00 level (1.6300), I decided to go for the same amount of pips I was risking on the trade, which in this case was 17 pips. This put my initial target at 1.6311.

Entry: Long at 1.6294 Stop: 1.6277 Target: 1.6311

2:00am EST– Unfortunately I got stopped out of my trade. (-17 pips)

3:45am 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 a valid entry. The entry was at the close of the candle at 1.6292 with a stop at the most recent low at 1.6254. Since I was only 8 pips away from the nearest 50 or 00 level (1.6300), I decided to go for the same amount of pips I was risking on the trade, which in this case was 38 pips. This put my initial target at 1.6330.

Entry: Long at 1.6292 Stop: 1.6254 Target: 1.6330

8:15am EST– My target was hit. Since news was coming out at 8:30am EST, I wanted to capture as many pips as possible since I was going to exit anyways so I closed my trade at 1.6333. (+41 pips)

entry2

Trade Result: -17 +41= +24 pips R-Multiple: -1.00; 1.07

News events to watch for Tuesday:

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

    Do you enter the trade on the crossover candle or do you wait for it to close and enter on the next candle.   Thanks

  • Butt

    I think he waits for the close? Therefore every trade is on a 15 minute interval. Are there higher volumes on regular time intervals, like every 15min or every 1hr?

  • Paul

    Usually if someone is need to open an order, you probably need to be looking at the M1 oreven on a tick chart!