First off, I must apologize for 3 things:
- I misspelled the name of the system. This has been corrected.
- I was mistaken in the time frames, and am now useing 3 Hr charts,(the closest I can get on Oanda).
- Missing yesterday’s update, I had a final in Economic development, but it is no excuse.
That being said here is the report on all Major currency groups that are approaching Cowabanga entry points:
Stochastic at 43 and dropping, with RSI at 52 an also on its way down. MCAD shows signs of convergence and the 5 day EMA is litterly one or two candles from crossing under the 10 day EMA.
A good short oppertunity of the dollar against the yen may present itself today.
Stoch at 62 and headed down, RSI at 56, will have to go beneath 50, while MCAD is pretty much converged and preparing to diverge on the downside. The 5 day EMA is also 1-2 candles away from a negative crossover of the 10 day EMA.
THe RSI will have to drop a bit, but most likely if the price action is negative enough for a 5 day EMA crossover, the RSI should be under 50 by then.
Good short oppertunity may present itself today.
Almost identical signals to US/CHF. RSI will also have to drop, but a good short oppertunity looms.
And for those that doubt the efficacy of this system, here is some back testing for US/JPY during the month of January.
As you can see 173 pip profit off of 9 trades, 5 being profitable. Granted I was unable to use the prices derived from 15 minute chart entrance points but overall the power of the system is clear, as the Cawabanga blog’s history of success with the cable indicates.
Good luck to all