Cowabunga System Daily Update: 05/31/07
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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
2:00 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 9750 with a stop at the most recent swing high which was at 9771. Since I was 50 pips away from the nearest 00 level, I set my target for 9700.
6:45 am ET- Unfortunately I was stopped out of my trade.
9:45 am ET- This was a news candle (Chicago PMI). Therefore I did not enter even though we had a valid signal.
Trade Result: -21 pips ; R-Multiple= -1.00
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Related Posts:
- Cowabunga System Daily Update: 05/03/07 16:32 03 May 2007
- Cowabunga System Daily Update- Friday 05/18/07 12:48 21 May 2007
- Cowabunga System Update: Friday 06/08/07 15:30 11 June 2007
- Cowabunga System Daily Update: Friday 05/11/07 14:07 14 May 2007
- Cowabunga System Daily Update: 05/15/07 14:02 15 May 2007
Comments (3)
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Forex Blog: Pip My System
can u tell us which news reports that u would stay out even u have a valid signal? which reports would u consider significant enough that it'd be too risky to trade before the reports published? i know NFP is certainly one of them..
thx
Hi ,
I'm wondering on the Main trend ( 4hr ) chart , what period do u use..? I'm using 70 - 100 is tthat ok ? What is ideal.
for your trade on the 05/31/07 , seem like a very valid entry.? how come u were stopped out..? I mean , if all the indicators a right what can go wrong..?
tqs very much..
phil- if I am in a trade, I hold onto it except when there are BIG news events like NFP or interest rate statements. However, if a news report (even if it is less significant) causes a big move, and as a result produces a signal, I am more hesitant to take it since the movement I see is most likely a "knee-jerk" reaction from the market.
Kem- Just because we get a signal doesn't mean it will always be right. The best we can do in trading is give ourselves the best chances of winning.