Cowabunga System Daily Update: 05/16/07
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Main Trend
Current Trend= The trend remained up until 12pm ET. From 8am - 12pm ET, a new trend change candle formed and changed the trend from up to DOWN. After 12pm ET, the trend remained down for the rest of the day.
Today I looked for long trades until 12pm ET. After 12pm ET I only looked for short trades
Today's Surf
12:30 am ET- 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 which was at 9850 with a stop at the most recent swing low which was at 9846. Since I was 50 pips away from the nearest 00 level I set my target at 9900.
4:30 am ET- Unfortunately I was stopped out of my trade.
Trade Result: -4 pips ; R-Multiple= -1.00
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- Cowabunga System Daily Update: 03/26/07 15:05 26 March 2007
- Cowabunga System Daily Update: 09/19/07 12:01 19 September 2007
- Cowabunga System Daily Update: 08/29/07 13:10 29 August 2007
Archived Comments (3)
Forex Blog: Pip My System
Dude,
I don't understand why Cowabunga not enter trade after 12pm for short. MACD was positive and going down. The main trend shows short trade after 12pm.
BabyFX- Hey dude! The entry after 12pm didn't occur until 3:15pm ET. According to my rules I exit my trades at 4pm ET no matter if I win or lose. Usually when a trade signal comes that late in the day I don't take it because market volume is usually very low at that time. However, if I am already in a trade, I will hold it all the way until 4pm ET to see if I will win or lose. Hope that helps! Cowabunga!
Cowabunga!
Thanks Dude for the explaination. I forget the trading time rules. And as of trade on 17 May I overlook it and miss the opportunity. What a shame on me.
Happy trading....