Cowabunga System Daily Update: 06/05/07
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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
2:00 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 9922 with a stop at the most recent swing low which was at 9913. Since I was 28 pips away from the nearest 50 level I decided to set my target at 9950.
8:00 am ET - My target was hit but the price did not make a clean break of 9950 so I ended up taking my final profit.
Trade Result: +28 pips ; R-Multiple= 3.11
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Related Posts:
- Cowabunga System Daily Update: 04/16/07 17:37 16 April 2007
- Cowabunga System Daily Update: 06/21/07 16:50 21 June 2007
- Cowabunga System Daily Update: 04/03/07 15:24 03 April 2007
- Cowabunga System Daily Update: 04/11/07 16:12 11 April 2007
- Cowabunga System Daily Update: 05/01/07 16:11 01 May 2007
Archived Comments (3)
Forex Blog: Pip My System
hi,
thx for yr system, i want to ask how do u define what's a clean break? i mean, as the target 9950 was hit the first instance, what do u do? u wait to see if it's a clean break or not? how long do u wait? what if it just retrace right after 9950? these questions always trouble me, hope u understand...
I try to wait until the close of the candle, but usually I watch for the speed at which the price is moving. If the price is moving really fast in my direction then I have a good indication that it will be a clean break. If price seems to be struggling, then I keep my finger close to my mouse in case I need to exit. When I see a clean break, I simply trail my stop to whatever my original target was. Hope that helps!
thx for yr explanation..it helps a lot..
another quick question: if i see the price struggling, say at 9955, how much should i allow the price to retrace before i really need to exit and don't wait for the candle to close? 10 pips? but then i may not even get out at 9950 which hurts...do u have some kind of rules for that or just experience? thx