Cowabunga System Daily Update: 05/15/07
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Main Trend
Current Trend= The trend remained down until 12 pm ET. From 8am - 12pm ET a new trend change candle formed and changed the trend from down to UP. The trend remained up for the rest of the day.
Today I looked for short trades until 12pm ET. After 12pm ET I only looked for long trades
Today's Surf
1:45 am ET- There was a moving average crossover for a short trade. RSI was less than 50, stochastics were trending down, and MACD went from positive to negative. This was a valid entry. The entry was at the close of the candle which was at 9789 with a stop at the most recent swing high which was at 9804. Since I was 39 pips away from the nearest 50 level I set my target at 9750.
2:00 am ET- Unfortunately I was stopped out of my trade.
3:15 am ET- There was a moving average crossover for a short trade. RSI was less than 50, stochastics were trending down, and MACD went from positive to negative. This was a valid entry. The entry was at the close of the candle which was at 9791 with a stop at the most recent swing high which was at 9826. Since I was 41 pips away from the nearest 50 level I set my target at 9750.
6:15 am ET- My target is hit at 9750.
Trade Result: -15 +41= +26 pips ; R-Multiple= -1.00; 1.28
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Archived Comments (2)
Forex Blog: Pip My System
Hi PS, did you happen to notice the sell crossover at 9:30am also. Entry at 9754 -and recent swing high at 9797. The set up looks valid --but then it moved the wrong direction for a 42 pip loss. Just wonderng why you did not enter that set up. Thanks.
Hi Pinetree- My signal occurred right during the US Long Term TIC flows which was an important news event, and as a result I didn't enter because of the news factor. It's marked on my chart but I forgot to make a note about it. Hope that helps! Happy trading :)