[tonymand]

Originally Posted by daxm

I just sold the GBP/USD at 1.9748 with a SP at 1.9760 and a Limit at 1.9720!

My reason for this is because the 4hr chart has a strong downtrend while the 15min chart showed the 5 EMA downcross the 10 EMA. Additionally the RSI just dropped below th 50 mark and the Stochastics is not oversold but dropping. The MACD is negative (barely) but has been flatly negative for some time now.

I'm new to FOREX and, if I'm reading the "rules" of the Cowabunga System I think I did just as they say to do.

Any comment/suggestions to my thinking here?

I know I'm not to get emotional about this but literally just as I clicked order the price dropped to 1.9738! It feels good to at least appear to make the correct decision. Now to let the system run its course.

Do you think I might have put my SP/Limits too tight/loose?

The long term trends are very choppy at the moment but the 1hr is crossed to the upside according to me (MT4, Interbank feed) therefore we are looking for long trades only according to the system