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Main Trend
Current Trend= The trend remained up until 8am ET. From 4am - 8am ET a new trend change candle formed and changed the trend from up to DOWN. The trend remained down the rest of the day.
Today I looked for long trades until 8am ET. After 8am ET, I only looked for short trades.
Today's Surf
Unfortunately, because we had a trend change candle in the middle of the trading day, no signals were generated. However, this new trend means that we will have plenty of opportunities in the near future so have your surf boards ready!
Trade Result: +0 pips
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Archived Comments (3)
Hi. I'm understanding that the reason you didn't make the trade is because you had set your alerts to look for long trades only and there was trend change. Is this correct? Would you have made the trade otherwise say at 03:45? Looking at my stochastics for this period, one was going up and both were close to oversold. That said, I noticed the MACD crossed over in a bearish direction. Strictly following the system, I wouldn't have made the trade right? Also, is there an advantage to using RSI 9 over RSI 14 for this system?
Tazmet, your analysis is the same as mine as to why I also did not take the trade. At 3:45am Stochastics was close to over sold and continued in that direction --same with RSI and Macd. This makes the entry invalid. It was an unusal condition I thought and was not sure what to do. The Gbp dropped about 150 pips and we are on the sidelines watching all that money float into thin air. I also set my alarms looking for long trades on the 15 min chart before hitting the sack. Then 8:00am in the morning I am awoken by the alert alarm. I go to check and I see the alarm is coming from the 4h chart which has gone short -- but by then the 15 min chart was already down to about 9930 and Stoc, RSI and Mac'd were in oversold. So a nice drop was missed. This I think may be a weakness in the cowbunga system -- if the 15 min chart moves fast in one direction, then it takes a bit of time for the 4h chart signal to activate --and by then it is often too late to get in on the trade as Stoc, Rsi and macd are close to being oversold. At that time we are unsure if the 15 min chart direction will continue or not -- so we have to sit it out on the sidelines until the right indicators click in.
I respect what you all are saying, but, CowABunga was built for newbies and is all about making high probability trades based on high probability senarios. This means that we have to sit on our boards and let the Bwanas take the big waves. Locals Rule, Dude. Not to say we can't drop in at our own risk (alright enough of the analogy)...