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Dude! So you've read just about everything you could possibly get your hands on about the Forex. Now you want to get your feet wet but aren't sure where to start. Well then this blog is for you! Follow along as I take a simple forex trading system and apply it to an unsimple market. If you're new to the blog you should read this first.

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February 2007

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Cowabunga System Daily Update: 02/13/07

Posted 13:47 13 February 2007 | 7

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

Main Trend

Current Trend= Trend remained down the entire day.

Today I only looked for short trades

Today's Surf

4:15 am ET- There was a moving average crossover for a short trade. RSI<50, Stochastics were trending down, and MACD was positive and losing value. This was a valid entry. Entry was at the close of the candle which was at 9484 with a stop at the most recent swing high which was at 9522. Since the entry was after midnight and because I was 34 pips away from the nearest 50 level, I decided to set my initial target at 9450.

4:30 am ET- The Cable shoots way below my target at 9450, getting as low as 9409 and closing at 9411. Since this was a clean break, I trailed my stop to 9450 and decided to go for 9400 as my next target.

6:00 am ET - The Cable touches 9400 and fails to break it. This was a sign that the momentum was over and I decided to take my final profit, exiting at 9402.

Trade Result: +82 Pips ; R-Multiple= 2.16

Questions? Read the Cowabunga FAQ.

Want to discuss the Cowabunga System? Visit our Forums.

Cowabunga System Daily Update: 03/19/07 15:25 19 March 2007
Cowabunga System Daily Update: 02/19/07 14:28 19 February 2007
Cowabunga System Daily Update: 02/09/07 14:19 09 February 2007
Cowabunga System Daily Update: 05/02/07 15:27 02 May 2007
Cowabunga System Update: Friday 06/08/07 15:30 11 June 2007

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Thanks for answering my questions on the previous thread :)

There wasn't a crossover prior to the UK CPI announcement for me (I use Oanda charts). I also recheck with VTTrader and Saxo, no crossover until after as well. FXCM did have a crossover though. More pips for you hehehe.

If the crossover was indeed the announcement candle would you still trade it ? (112 pip stop loss size) If you do, how would you trade it ? I got out at london close for -0.3R

Happy trading

pacifier | Posted 18:56 13 February 2007

BP, here is a question. Your rules state that you will exit prior to any news release. Your entry was at 4:15am at 9484. However, at 4:30am about seven Gbp news reports cames out. This was I'm pretty sure a significant factor why the Gbp had a nice tumble. So question is were you unaware of the news reports coming out --or do you from time to time play on the reports?

pinetree | Posted 21:55 13 February 2007

pacifier- No I will not trade a news candle. pinetree- I didn't consider that a major news event. What I consider major are NFP and Interest Rate statements. I said in my posts that I will give an update as to what news events I will watch out for prior to when it comes out. I think I forgot to post it though when GBP and EUR announced rates. I'll post it from now on.

bigpippin | Posted 22:06 13 February 2007

I didn't mean trading the news candle itself. Rather, if your crossover occurs on the next candle (after the news was over), how would you trade it given that you'll have a very large stop loss size.

pacifier | Posted 00:16 14 February 2007

Pacifier- Yes I will trade a candle after news if it produces a signal. Regarding the wide stop losses...here is a quote that is straight from the "read me first" post:

"In these examples, the stop losses were not that wide. However, there will be times when the most recent swing high or low is several pips away from your entry. This is where you must be careful. If the stop is too wide for you to keep within your money management rules, simply stay out of the market! Trust me, there will always be another trade later. Even if that trade happens to win a gazillion pips, you should never compromise or doubt your decision to follow strict money management."

That should answer your question :)

bigpippin | Posted 00:21 14 February 2007

Champion ! :)

pacifier | Posted 02:57 14 February 2007

Hey bigpippin, Loving the posts on your Cowabunga strategy. Im attempting to program the alerts and coloured candles in tradestation. Wondered if you could let me know what the criteria is for colouring the bars as in your screenshots above??? Many thanks in advance Cheers, Craig

craigaudio | Posted 05:46 14 February 2007

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