Cowabunga System Daily Update: 05/24/07

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Main Trend

Current Trend= The trend remained up the entire day.

Today I only looked for long trades.

Today’s Surf

12:15 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 9862 with a stop at the most recent swing low which was at 9854. Since I was 38 pips away from the nearest 00 level I set my target at 9900.

3:45 am ET- Unfortunately I was stopped out of my trade.

7:00 am ET- 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 which was at 9862 with a stop at the most recent swing low which was at 9848. Since I was 38 pips away from the nearest 00 level I set my target at 9900.

8:30 am ET- Unfortunately I was stopped out again from my trade.

Trade Result: -8 -14= -22 pips ; R-Multiple= -1.00; -1.00

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8 comments

  1. babyfx

    Hi traders out there,

    After the big pips yesterday I continued my pips hunting with Cowabunga today on Long position as the 4 hr chart remain up.

    I took my first trade at 13:23GMT @ 1.9869 and risking loss at 1.9838 from the most recent swing low. It?s 30 pips away so I set my risk as my target of 1.9898. Unfortunately after 15:30GMT the highest pip gain was only 1.9887 at the close of the candle. But I continue opening my trade, and forget about the next news coming up at 16:00GMT on US Home Sales.

    I only realize about the news at 16:26GMT and price continue going down all the way to 1.9837 passing my stop loss at 1.9838. Eventually as a result I loss over 30 pip on today?s trade, where in fact I could gain pip of more than 20. It?s a silly mistake and I don?t write down the next news data. Lesson learned the hard way.

    Reply
  2. babyfx

    Hi traders out there,

    After the big pips yesterday I continued my pips hunting with Cowabunga today on Long position as the 4 hr chart remain up.

    I took my first trade at 13:23GMT @ 1.9869 and risking loss at 1.9838 from the most recent swing low. It?s 30 pips away so I set my risk as my target of 1.9898. Unfortunately after 15:30GMT the highest pip gain was only 1.9887 at the close of the candle. But I continue opening my trade, and forget about the next news coming up at 16:00GMT on US Home Sales.

    I only realize about the news at 16:26GMT and price continue going down all the way to 1.9837 passing my stop loss at 1.9838. Eventually as a result I loss over 30 pip on today?s trade, where in fact I could gain pip of more than 20. It?s a silly mistake and I don?t write down the next news data. Lesson learned the hard way.

    Reply

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