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Dude! So you've read just about everything you could possibly get your hands on about the Forex. Now you want to get your feet wet but aren't sure where to start. Well then this blog is for you! Follow along as I take a simple forex trading system and apply it to an unsimple market. If you're new to the blog you should read this first.

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Cowabunga System Daily Update: 01/30/07

Posted 16:55 30 January 2007 | 4

If this is your first time visiting this blog, read this first!

Main Trend

Current Trend= Trend changed from down to UP at the close of the 11 pm ET candle.

After 3 am ET, I only looked for long trades. .

Today's Surf

11:00 pm ET- The 11:00 pm ET candle on the 4 hour chart forms a trend change candle and changes the trend to UP. From 3am ET the trend remained up and I only looked for long trades.

1:00 pm ET- There was a moving average crossover for a long trade. RSI>50, Stochastics were trending up, and MACD was negative and gaining value. This is a valid entry. Entry was at the close of the candle which was at 9622 with a stop at the most recent swing low which was at 9606. Since the entry was 28 pips away from a 50 level, I decided to set my initial target for 9650.

2:45 pm ET- Price gets as low as 9607. I know some of you may have gotten stopped out because we all use different brokers, but I was still kept in the trade.

3:45 pm ET- At the close of this candle it was 4:00 pm ET and according to my rules I close trades no matter what at this time. I exited at breakeven.

Trade Result:+0 Pips

Cowabunga System Daily Update: 01/31/07 16:21 31 January 2007
Cowabunga System Daily Update: 02/06/07 16:47 06 February 2007
Cowabunga System Daily Update: Wednesday, 01/16/08 13:32 16 January 2008
Cowabunga System Daily Update: 06/13/07 22:31 13 June 2007
Cowabunga System Daily Update: 04/16/07 17:37 16 April 2007

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Hi,-- The 11:00 pm ET candle on the 4 hour chart forms a trend change candle and changes the trend to UP --however, I see stochastics in overbought and heading down. Would that not have cancelled trend changes signal?

pinetree | Posted 09:08 31 January 2007

I'm not sure if you're looking at it correctly. If I were to move the chart back so that the black candle is the last candle you see, stochastics are still trending up. In any case, the most important thing to look for in the trend change candle is that the moving averages have crossed. It is very rare that the stochastics will be in the opposite direction of the moving average crossover in the 4hr chart.

bigpippin | Posted 09:22 31 January 2007

Hi.....may I just ask what values you use for the MACD on your 15 min chart?

Stoked | Posted 10:15 31 January 2007

Stoked- Please click the "read me first" link at the top of this post. It has all the info in there. Happy trading!

bigpippin | Posted 10:34 31 January 2007

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