Cowabunga System Daily Update: 12/17/07

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Main Trend

Current Trend= The trend remained down the entire day.

Today I only looked for short trades.

Today’s Surf

12:30am EDT– There was a moving average crossover for a short trade. RSI was less than 50, stochastics were trending down, and MACD went from positive to negative. This was a valid entry. The entry was at the close of the candle at 2.0180 with a stop at the most recent swing high at 2.0210. Since I was 30 pips away from the nearest 50 or 00 level, I decided to put my target at 2.0150.

Entry: Short at 2.0180

Stop: 2.0210

Initial Target: 2.0150

3:00am EDT– My target was hit. Price made a clean break of 2.0150 so I moved my stop loss to that level and set my next target for 2.0100.

3:30am EDT– Unfortunately I was stopped out at 2.0150

10:45am 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 2.0150 with a stop at the most recent swing high at 2.0180. Since I was 50 pips away from the nearest 50 or 00 level, I decided to put my target at 2.0100.

12:30pm EDT– Unfortunately I was stopped out of my trade.

Trade Result: +30 -30= +0 pips; R-Multiple: 1.00; -1.00

News events to watch for tomorrow :

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  • wattsfx

    Hi there,
    I´m following with success the Cowabunga system, I still don´t understand what R-Multiple means…

  • wattsfx

    Hi there,
    I´m following with success the Cowabunga system, I still don´t understand what R-Multiple means…

  • benem

    hallo, i’m looking for an alarm that tells me when the 2 ema are crossing each others.I’m using xtick in trial version.how can i get this alert?
    thank to all that will answer.
    Good forex to everybody.

  • malikkal

    Hi, Once, again, How do you determine the trend change candle in Cowabunga, please? ./Siva

  • benem

    hallo, i’m looking for an alarm that tells me when the 2 ema are crossing each others.I’m using xtick in trial version.how can i get this alert?
    thank to all that will answer.
    Good forex to everybody.

  • malikkal

    Hi, Once, again, How do you determine the trend change candle in Cowabunga, please? ./Siva