Cowabunga System Daily Update: Wednesday, 12/05/2012

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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

2:00am 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 signal. I entered at the close of the candle at 1.6111 with a stop at the most recent swing low at 1.6100. Since I was 39 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.6150.

Entry: Long at 1.6111; Stop: 1.6100; Target: 1.6150

3:15am EST- Unfortunately I was stopped out of my trade. (-11 pips)

6:00am 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 signal. I entered at the close of the candle at 1.6110 with a stop at the most recent swing low at 1.6090. Since I was 40 pips away from the nearest 50 or 00 level I decided to put my initial target at 1.6150.

Entry: Long at 1.6110; Stop: 1.6090; Target: 1.6150

7:15am EST- My target wasn’t hit by this time. Since news was coming out at 7:30am EST, I decided to manually exit my trade. I got out at 1.6105. (-5 pips)

10:00am EST- Never take a trade on a news candle. Either way it wouldn’t have been a valid trade because MACD was already positive from the previous candle.

11:15am EST- Did not enter because it was near 12 noon EST. This also wouldn’t have a been a valid signal because MACD was already positive from the previous candle.

entry2

Trade Result: -11 -5= -16 pips R-Multiple: -1.00; -0.25

News events to watch for Thursday:

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

    please visit my blog http://www.squidoo.com/crib-be

  • Ignac Jusko

    hi Pipsurfer, thanks for next update, you always stick with your rules, what is amazing! I got one question if you are trading on Monday and Friday also or on this days you have no trades?

    Ignac

  • Aina Adebayo

    yesterday was something else, i close the same trade on 13pips negative as well, plus spreed though.