Cowabunga System Daily Update: 06/12/07
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Main Trend
Current Trend= There was a new trend change candle that formed from 12am ET - 4am ET. This trend change candle changed the trend from down to UP. The trend remained up the rest of the day.
Today I only looked for long trades.
Today's Surf
6:15 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 9736 with a stop at the most recent swing low which was at 9693. Since I was only 14 pips away from the nearest 50 level I decided to go for the same amount of pips I was risking which in this case was 43. This put my target at 9779..
1:45 pm ET- My target is hit. Price doesn't make a clear break of my target so I take my final profit.
Trade Result: +43 pips; R-multiple= 1.00
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Related Posts:
- Cowabunga System Daily Update: 03/15/07 16:02 15 March 2007
- Cowabunga System Daily Update: 04/05/07 14:01 05 April 2007
- Cowabunga System Daily Update: 07/09/07 15:57 09 July 2007
- Cowabunga System Daily Update: 05/16/07 14:08 16 May 2007
- Cowabunga System Daily Update: 06/13/07 22:31 13 June 2007
Archived Comments (3)
Forex Blog: Pip My System
Dude, I'm diggin the cowabunga system but I think I'm missing something on the MACD. My chart is set up with 12, 26, 9. I get a histogram and a single line. Just doesn't groove with yours. Can you get me paddling straight to catch the next wave?
ahh good trade! I got in on the same signals you did but bailed out at +6 at about 13:15EDT because my trade had hardly moved and it was coming close to market close. Jet Li might say: That....was a mistake.
So, that leads me to the question: do you wait till the market actually CLOSES before you close out your open positions?
Do you wait until the close of the 4 hr. candle that signals a trend to trade? or do you look for signals on the 15 minute chart once the moving averages cross on the 4 hr?