Cowabunga System Daily Update: Wednesday, 12/12/07

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

Main Trend

Current Trend= The trend remained down until 7am EDT. From 3am – 7am EDT, a new trend change candle formed and changed the trend from down to UP. After 7am EDT, the trend remained up the rest of the day.

Today I looked for short trades until 7am EDT. After 7am EDT, I only looked for long trades.

Today’s Surf

8:30am EDT- There was a valid signal here but because it occurred on a news candle I did not enter.

11:30am 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 2.0466 with a stop at the most recent swing low at 2.0444. Since I was 34 pips away from the nearest 50 or 00 level, I decided to put my initial target at 2.0500.

Entry: Long at 2.0466

Stop: 2.0444

Initial Target: 2.0500

12:00pm EDT- My target was hit. Price did not make a clean break so I took my final profit. I managed to get out at 2.0495.

Trade Result: +29 pips; R-Multiple: 1.32

News events to watch for tomorrow :

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.
  • http://62877178 Keithb

    Regarding tuesday 2.0466 cowabunga long trade, your MACD shows the opposite to MACD 12,26,9 as suggested.
    Have the MACD settings been updated, MACD 12,26,9 did not
    fulfill criteria for long trade.
    Thanks keith b

  • http://62877178 Keithb

    Regarding tuesday 2.0466 cowabunga long trade, your MACD shows the opposite to MACD 12,26,9 as suggested.
    Have the MACD settings been updated, MACD 12,26,9 did not
    fulfill criteria for long trade.
    Thanks keith b

  • PipSurfer

    Hi Keithb- Make sure your stochastics are on “exponential”

  • PipSurfer

    Hi Keithb- Make sure your stochastics are on “exponential”