Cowabunga System Daily Update: Thursday, 06/13/2013

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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

1:00am 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 entry.

The entry was at the close of the candle at 1.5681 with a stop at the most recent swing low at 1.5676. Since I was 19 pips away from the nearest 50 or 00 level I put my initial target at 1.5700.

Entry: Long at 1.5681 Stop: 1.5676 Target: 1.5700

2:15am EST– Unfortunately I got stopped out of my trade. (-5 pips)

6:15am 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 1.5665 with a stop at the most recent swing low at 1.5644. Since I was 35 pips away from the nearest 50 or 00 level I put my initial target at 1.5700.

Entry: Long at 1.5665 Stop: 1.5644 Target: 1.5700

8:15am EST– Unfortunately my target wasn’t hit by this time. Since news was coming out at 8::30am EST, I decided to manually exit my trade. I got out at 1.5679. (+14 pips)

9:15am EST– Didn’t even consider this possible signal because it was close to the 10:00am EST news.

entry2

Trade Result: -5 +14= +9 pips R-Multiple: -1.00; 0.66

News events to watch for Friday:

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

    Dear master of the Cowabunga system, I need some advices about mechanical signals.

    In short: do you recommend selling signals?

    I work with lots of algorithms and statistics and stuff like that. Then I applied those things to FX. Things look ok (backtested and bootstraped!). What’s your opinion about selling singals/experts? Is it cool? Not cool?

    PS: I’m not trying to sell anything here. Just trying to know how much i can get back from my effort.

    PPS: As a postgrad student, I’m really not rich!