Cowabunga System Daily Update: Thursday, 01/23/2014

If this is your first time visiting this blog, read this first!

Main Trend

Trend

Current Trend

The trend was UP the entire day.

Today I only looked for long trades.

News events to watch for today :

Today’s Surf

1:45am EST- There was a moving average crossover for a long trade. RSI was greater than 50, stochastics were trending up and MACD went from negative to positive. This was a valid entry.

The entry was at the close of the candle at 1.6566 with a stop at the most recent swing low at 1.6557. Since I was 34 pips away from the nearest 50 or 00 level I decided to put my initial target at 1.6600.

Entry: Long at 1.6566 Stop: 1.6557 Target: 1.6600

3:15am EST- My target was hit. Price made a clean break so I moved my stop to 1.6600 and set my next target for 1.6650.

3:30am EST- Unfortunately I got stopped out of my initial target at 1.6600. (+34 pips)

Entry

Trade Result: +34 pips R-Multiple: 3.77

News events to watch for Friday:

  • 4:30am EST- UK BBA Mortgage Approvals

For a complete list of news events check out our Forex Economic Calendar.
Questions? Read the Cowabunga FAQ.
Want to discuss the Cowabunga System? Visit our Forex Forums.

4 comments

  1. Haris

    Hi there,

    just tried this system and it worked. I followed your instructions and I got all the signals. Entered long at 1,65692 and exited at 1,66071, which makes 38 pips not so bad. Will give it couple of more shots to see how good it is. It could just been lucky :)

    Anyhow, great work and thanks for sharing!

    Reply
  2. FXWannabe

    I’ve been demo trading this system for a couple of days. What I saw today was, there wasn’t a trend at all on the 4 hour chart. It was basically ranging. What would you do in this case? Or would you say there WAS a trend (29-01-2013, GMT), I just didn’t spot it properly, my criteria was too wide/narrow/wrong number of candles etc? Would appreciate your thoughts.

    Reply
  3. Haris

    Hi FXWannabe,

    I am not sure what author would say, but as I could see there was no trend on specified date. My suggestion would be to try another currency pair such as EURUSD or USDJPY where you can also apply this system. Lately, currency pair with high volatility was EUR/TRY or USD/TRY which can be very profitable but also very very wrong :)

    Good luck with pipping

    Reply
  4. FXWannabe

    I’m not too fussed about letting a day go by without any trading if I don’t see a safe opportunity. I was just wondering if I was reading the trend right. Thanks for the suggestions about alternate pairs, I will give them a go when I gain a bit of confidence with the system.

    Reply

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