Cowabunga System Daily Update: 04/19/07
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Main Trend
Current Trend= The trend remained up until 12pm ET. There was a new trend change candle that formed from 8am-12pm ET that changed the trend from up to DOWN. After that, the trend remained down the rest of the day.
Today I only looked for long trades until 12pm ET. I was already in a trade at that time so I didn't bother looking for short trades.
Today's Surf
3:30 am ET - 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 trade. The entry was at the close of the candle which was at 2.0040 with a stop at the most recent low which as at 1.9983. Since I was only 10 pips away from the nearest 50 level I decided to go for the same amount of pips that I was risking, which in this case was 57. This put my target at 2.0097.
4:00 pm ET- Unfortunately my target is not hit by this time so I manually close out my trade. I exited at 2.0015.
Trade Result: -25 pips; R-Multiple= -0.43
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Archived Comments (3)
Forex Blog: Pip My System
The cable has really been quiet lately. I thought I was failing on my end, but seeing that my analysis is almost with yours, I don't feel so bad. I hope the waves pick up next week.
Queen LaPipa
There was a buy signal at 1:15pm and also at 3:15pm (Wed April 18) --which I was curious to see if you would take. The histogram was already slighty positive -- and it was close to 4:00pm. The trades would have made about 6 pips as per the rules. I am just curious to know why you chose not to take one of the trades.
pinetree- I did not take those signals because MACD histogram was already positive. Remember in order for it to be a signal, the MACD must be NEGATIVE and gaining value or go from NEGATIVE to positive. Since the MACD was already positive on both of those times, it cancelled out the signal. Hope that helps!