Cowabunga System Daily Update: 05/30/07

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Main Trend

Current Trend= The trend remained down the entire day.

Today I only looked for short trades.

Today’s Surf

1:30 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 9812 with a stop at the most recent swing high which was at 9830. Since I was only 12 pips away from the nearest 00 level, I decided to set my target for the same amount of pips I was risking on the trade, which in this case was 18. This put my target at 9794.

2:30 am ET- My target was hit and the price made a clean break. I trailed my stop to 9794 (my initial target) and set my next target for 9750.

6:00 am ET- My target at 9750 was hit. Price didn’t make a clean break so I took my final profit at 9750.

Trade Result: +62 pips ; R-Multiple= 3.44

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  • robertocerda44

    Hello Great Bolg, one question, What parameters do you consider to distinguish between a clean break and one that isn?t?

  • robertocerda44

    Hello Great Bolg, one question, What parameters do you consider to distinguish between a clean break and one that isn?t?

  • pinetree

    Hi PS — the above is a good question. On top of that if I may ask, how do you do your set up. Meaning the trade started at 1:30am. Like my self I entered it then went back to sleep. I set my limit price also and got +20 pips the next morning. Do you set up a price alert which awakens you if the exit price is coming close and then to see if there is a clean break — so unlike myself you do not use a limit price? Other wise one would have to be up all night watching the trade. Thanks.

  • pinetree

    PS, also what about the set up that occured around 11:25am later on that day. The sell entry was about 9743. However, the trade continued to 4:00pm which I had to exit at a 15 pip loss. Why did you not take that one — thanks.

  • pinetree

    Hi PS — the above is a good question. On top of that if I may ask, how do you do your set up. Meaning the trade started at 1:30am. Like my self I entered it then went back to sleep. I set my limit price also and got +20 pips the next morning. Do you set up a price alert which awakens you if the exit price is coming close and then to see if there is a clean break — so unlike myself you do not use a limit price? Other wise one would have to be up all night watching the trade. Thanks.

  • pinetree

    PS, also what about the set up that occured around 11:25am later on that day. The sell entry was about 9743. However, the trade continued to 4:00pm which I had to exit at a 15 pip loss. Why did you not take that one — thanks.