Cowabunga System Daily Update: 01/26/07
If this is your first time visiting this blog, read this first!
Main Trend
Current Trend= Trend remained down for the entire day.
Today I only looked for short trades.
Today's Surf
8:30 pm ET-There was a moving average crossover for a short trade but MACD was negative which cancelled the signal. No entry.
12:45 am ET- There was a moving average crossover for a short trade. RSI<50, Stochastics were trending down, and MACD was positive and losing value. This is a valid entry. Entry was at the close of the candle which was at 9640 with a stop at the most recent swing high which was at 9657. Since the signal came after midnight, and because I was 40 pips away from a 00 level, I decided to set my initial target for 9600.
1:00 am ET- Unfortunately I am stopped out of my trade which resulted in a loss of -17 pips.
3:00 am ET- There was a moving average crossover for a short trade. RSI<50, Stochastics were trending down, and MACD was positive and losing value. This is a valid entry. Entry was at the close of the candle which was at 9633 with a stop at the most recent swing high which was at 9679. Since the signal came after midnight, and because I was 33 pips away from a 00 level, I decided to set my initial target for 9600.
5:45 am ET- Price touches 9600 and does not move any lower. Time to close the trade for a gain of +33 pips.
9:30 am ET- There was a moving average crossover for a short trade but MACD was negative which cancelled the signal. No entry.
1:00 pm ET- There was a moving average crossover for a short trade but MACD was negative which cancelled the signal. No entry. Plus it was near the end of the trading week. Not a good time to enter the market!
Trade Result:-17, +33= +16 pips; R-Multiple= 0.72
Related Posts:
- Cowabunga System Daily Update: 01/25/07 16:15 25 January 2007
- Cowabunga System Daily Update: Thursday, 05/08/08 12:50 08 May 2008
- Cowabunga System Daily Update: 02/02/07 17:12 02 February 2007
- Special Thanksgiving Cowabunga System Update 13:25 21 November 2007
- Cowabunga System Daily Update: 02/21/07 16:16 21 February 2007
Archived Comments (4)
Forex Blog: Pip My System
How come you only show one R-multiple when you had two trades? Shouldn't each trade have its own R-multiple?
The reason I only put one up is because the first trade was a loser. R-Multiples let us know how much we win vs. how much we were risking to get that win. Since I lost the first trade, I think it's kind of pointless to even put it up. But in any case, the R-Multiple for that trade was 2.35.
hey man-
I've been fortunate to have a mentor take me under their wing and teach me FX trading... I continue study and am interested in what others have to say. I love this site and feel its bar-none the the best out there as of yet. Continue to do your thing PIMP.
Hi, Just two questions. Why do you use 50RSI? I find that 60MA,10MA,20MA give good signals do you? When the 10MA moves under the 20MA and they both move under the 60MA I find that the market will move by about 40-60pips.