Cowabunga System Daily Update: Tuesday, 11/08/11

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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

2:15am 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 1.6050 with a stop at the most recent swing low at 1.6034. Since I was 50 pips away from the nearest 50 or 00 level I put my initial target at 1.6100.

Entry: Long at 1.6050 Stop: 1.6034 Target: 1.6100

4:15am EST- My target wasn’t hit by this time. Since news was coming out at 4:30am EST I went ahead and closed out my trade. I exited at 1.6070. (+20 pips)

8:45am 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 1.6074 with a stop at the most recent swing low at 1.6053. Since I was 26 pips away from the nearest 50 or 00 level I put my initial target at 1.6100.

Entry: Long at 1.6074 Stop: 1.6053 Target: 1.6100

9:45am EST- My target was hit. Price made a clean break but because news was coming out at 10:00am EST I decided to close out my trade. I exited at 1.6104. (+30 pips)

entry2

Trade Result: +20 +30= +50 pips R-Multiple: 1.25; 1.42

News events to watch for Wednesday:

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

    Strange – I’m using MT4 and all your indicators (including MACD 12,26,9), yet my charting software shows MACD *positive* since 8.15am BST (3.15 EST) and staying positive for the rest of the day. So, I didn’t count your 2nd trade today as valid at the time. Something I’m doing wrong?!?
    Cheers,
    Howiearchway

    • pipsurfer

      Hi Howiearchway,

      Is your histogram set to display the difference between the 2 lines?  

      • howiearchway

        The upload clipped the image – this shows you the MACD settings…
        Cheers

      • Howiearchway

        Hi Pipsurfer
        As far as I’m aware – opening up the indicator’s properties in MT4, I can’t see a check box for it. But I’m not sure what else the histogram would be showing?!?

        Have attached a screenshot from yesterday. Any ideas, gratefully appreciated!

        Cheers,
        Howiearchway

        • Barlow S

          Hi Howiearchway.

            Maybe not much of a point this but something to bear in mind, Clocks went back therfore we are now GMT not BST