Cowabunga System Daily Update: Friday, 12/14/07

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

Main Trend

Current Trend= The trend remained down the entire day.

Today I only looked for short trades.

Today's Surf

2:15am EDT- There was a moving average crossover for a short trade. RSI was less than 50, stochastics were trending down, and MACD was positive and losing value. This was a valid entry. The entry was at the close of the candle at 2.0396 with a stop at the most recent swing high at 2.0446. Since I was 46 pips away from the nearest 50 or 00 level, I decided to put my target at 2.0350

Entry: Short at 2.0396
Stop: 2.0446
Initial Target: 2.0350

4:15am EDT- My target was hit. Price didn't make a clean break so I took my final profit. I managed to exit at 2.0352

Trade Result: +44 pips; R-Multiple: 0.88

News events to watch for tomorrow :
  • 9:00am EDT- US TIC Data

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.

Comments (4)

Hello pipsurfer! Im just wondering if you missed the short trade yesterday the 13 at 1:30 est pm. Maybe I have missed something. Cheers Fredde
Too bad the price didn't make a clean break since that would've given us another 100 pips :O
Hi PipSurfer, A small request. [1] What do you mean by "price making a clean break'? [2] What are the trend change candles that you look for in the 240 mins timeframe, to determine whether to go long or short in the 15 mins time frame. ./Siva
fredde- I stop taking trades after 12pm EDT which is why I did not enter

gryat- I know what you mean! Thats the way it goes sometimes :(

Mailikkal- check out the "read me first" at the top of this post. That should help get you started.

Happy trading everyone!

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