Cowabunga System Daily Update: 01/29/07
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Main Trend
Current Trend= Trend remained down for the entire day.
Today I only looked for short trades.
Today's Surf
7:00 pm 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 9582 with a stop at the most recent swing high which was at 9613. Since I was 32 pips away from a 50 level, I decided to set my initial target for 9550.
9:15 am ET- Price hits 9550. The market had come close to hitting that price a few times before that, and with limited fundamentals today, I decided that 9550 would be the final target and closed my trade.
Trade Result:+32 Pips; R-Multiple= 1.03
Related Posts:
- Cowabunga System Daily Update: 02/09/07 14:19 09 February 2007
- Cowabunga System Daily Update: 02/12/07 14:10 12 February 2007
- Cowabunga System Daily Update: 01/18/08 12:12 18 January 2008
- Cowabunga System Daily Update: 03/26/07 15:05 26 March 2007
- Cowabunga System Daily Update: 02/06/07 16:47 06 February 2007
Archived Comments (5)
Forex Blog: Pip My System
Awesome system! I've been trading live for the past two weeks. Great pips! Many thanks! Couple questions, which broker do you use? How do you set alerts to your phone when the EMAs cross? Is it wise use 50, 100, and 200 EMAs as my t/p points or aim for 50, 00, and resistance and supports?
Seeing as we're an unbiased site, I cannot name the broker that I use. However, as far software goes, I use Xtick because it's easy to make pictures with and it's fairly easy to use. I can also paint my candles when certain conditions are met. This why I have purple candles (for when the moving averages cross down) and black candles (for when the moving averages cross up). I'm also able to set alerts when these crossovers happen. So if my main trend is up, then I'll just set alerts for whenever the moving averages cross up, and vice versa. The alerts get sent to my phone so it saves me from having to stay in front of the charts the whole time. As for profit targets- I like using either 50 and 00 levels if my entry is a good distance away from them or if the entry is right near one of those levels I'll just go for the same amount of pips I am risking. Hope that helps!
Hello Big Pippin,
I just have question about yesterday. I was closed two times to 9550. I moved my SL to break even, and both time I was caught (price didn't touch 9550). So, no profit. And, on the other side, when I am 20 pips +, it seems to me logical to move SL. Is there some rule about it? Or just to left SL on the initial position and to wait for TP target to be hit, and then to move SL to break even for eventual additional profit.
I've uploaded the indicator to the "Free Forex Trading Systems" forum with instructions on use. Please post your questions etc there rather than emailing me.
Ivan- You shouldn't trail your stop unless your first target is hit, and even then you should watch the price action and see if the price is struggling to reach your target or is moving with good momentum. That's the tricky thing about trailing stops. They are designed to catch big moves evem though they don't happen that often, while set targets are designed to catch several smaller moves. The trick is to find a balance between the 2. I would definitely recommend that you at least let the price hit your initial target before trailing your stop. You have to give your trade room to manuever and with volatile pairs like the Cable, 20 pips might not be enough.