Cowabunga System Daily Update: 11/07/07

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

Main Trend

Daylight savings time! Because of daylight savings time, the times of the 4hr chart have changed, but the data is still the same.

Current Trend= The trend remained up the entire day.

Today I only looked for long trades.

Today’s Surf

3:15am EDT- 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 at 2.0940 with a stop at the most recent swing low at 2.0930. Since I was 10 pips away from the nearest 50 or 00 level, I put my initial target at 2.0950.

Entry: Long at 2.0940

Stop: 2.0930

Initial Target: 2.0950

3:45am EDT- My target was hit. Price made a clean break so I moved my stop to 2.0950 and set my next target for 2.1000.

4:15am EDT- My 2nd target was hit at 2.1000. Price made a clean break again so I moved my stop to 2.1000 and set my next target for 2.1050

5:00am EDT- My 3rd target was hit at 2.1050. This time, the price did not make a clean break so I took my final profit at 2.1050.

7:45am EDT- 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 at 2.1018 with a stop at the most recent swing low at 2.0985. Since I was 32 pips away from the nearest 50 or 00 level, I put my initial target at 2.1050.

Entry: Long at 2.1018

Stop: 2.0985

Initial Target: 2.1050

8:00am EDT- My target was hit. The price did not make a clean break so I took my final profit.

Trade Result: +110 +32= +142 pips; R-Multiple: 11.00, 0.96

News events to watch for tomorrow :
  • 7:00am EDT- BOE Interest Rate Statement
  • 8:30am EDT- ECB President, Trichet, speaks
  • 10:00am EDT- Fed Chairman, Bernanke, speaks

For a list of all of tomorrow’s news events, check out our Forex Calendar

Questions? Read the Cowabunga FAQ.
Want to discuss the Cowabunga System? Visit our Forums.
  • gryat

    Really nice :) Alltough my indicator didn’t show up that early

  • pipalot

    Hi Pipsurfer dude,

    I can’t find your daily update for Monday 5th November 2007. Did you trade on that day?

    Best regards,
    Pipalot

  • gryat

    Really nice :) Alltough my indicator didn’t show up that early

  • pipalot

    Hi Pipsurfer dude,

    I can’t find your daily update for Monday 5th November 2007. Did you trade on that day?

    Best regards,
    Pipalot

  • isv

    Hi Pipsurfer! It looks like your indicators 2 period ahead!I am using Amibroker and on first entry neather EMA cross nor stochastics %D(10,3,3) were showing me that early (%K(10,3) were up correctly). Do you know some problem with indicators on other charting software or I am checking something in a wrong way?
    By the way, thanks a lot for your great system!

  • isv

    Hi Pipsurfer! It looks like your indicators 2 period ahead!I am using Amibroker and on first entry neather EMA cross nor stochastics %D(10,3,3) were showing me that early (%K(10,3) were up correctly). Do you know some problem with indicators on other charting software or I am checking something in a wrong way?
    By the way, thanks a lot for your great system!

  • PipSurfer

    Whats up dudes? In regards to the indicator questions, if you zoom up very closely, you’ll see that the fast stochastic line just barely crossed over the slower stochastic line. Another reason why I felt good about this trade is because if you look at the previous 6 or 7 bars before the entry, the price stayed flat and consolidated. I also had a very small stop which made this trade look even more bodacious. To pipalot- I did not post an update for Monday because I did not trade that day, but looking at the charts, I think you would’ve taken a small loss if you traded that day. Like thanks for all your comments dudes and I hope you can catch some gnarly waves in the future!

    -PipSurfer

  • PipSurfer

    Whats up dudes? In regards to the indicator questions, if you zoom up very closely, you’ll see that the fast stochastic line just barely crossed over the slower stochastic line. Another reason why I felt good about this trade is because if you look at the previous 6 or 7 bars before the entry, the price stayed flat and consolidated. I also had a very small stop which made this trade look even more bodacious. To pipalot- I did not post an update for Monday because I did not trade that day, but looking at the charts, I think you would’ve taken a small loss if you traded that day. Like thanks for all your comments dudes and I hope you can catch some gnarly waves in the future!

    -PipSurfer