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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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Cowabunga System Daily Update: Friday, 01/04/08

Posted 16:31 04 January 2008 | 5

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

1:30am 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 1.9714 with a stop at the most recent swing high at 1.9730. Since I was only 14 pips away from the nearest 50 or 00 level (1.9700) I decided to go for the same amount of pips I was risking on the trade which in this case was 16. This put my target at 1.9698.

Entry: Short at 1.9714
Stop: 1.9730
Initial Target: 1.9698

2:15am EDT- My target was hit. Price made a clean break of my target so I moved my stop to 1.9698 and set my next target for 1.9650.

2:45am EDT- Unfortunately I was stopped out at 1.9698.

7:15am 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 1.9747 with a stop at the most recent swing high at 1.9798. Since I was 47 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.9700.

Entry: Short at 1.9747
Stop: 1.9798
Initial Target: 1.9700

8:15am EDT- Unfortunately my target was not hit by this time. I knew that the NFP was coming out at 8:30am EDT, so I went ahead and exited my trade at 1.9772.

9:45am 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 1.9751 with a stop at the most recent swing high at 1.9849. Since I was only 1 pip away from the nearest 50 or 00 level (1.9750) I decided to go for the same amount of pips I was risking on the trade, which in this case was 98. This put my initial target at 1.9653.

Entry: Short at 1.9751
Stop: 1.9849
Initial Target: 1.9653

4:00pm ET- Unfortunately my target was not hit by this time. According to my rules I exit all trades at this time whether I'm up or down. I managed to get out at 1.9717 for a 34 pip gain.

Trade Result: +16 -25 +34= +25 pips; R-Multiple: 1.00, -0.49, 0.34

News events to watch for Monday :

None

Questions? Read the Cowabunga FAQ.

Want to discuss the Cowabunga System? Visit our Forums.

Cowabunga System Daily Update: Monday, 01/07/08 16:29 07 January 2008
Cowabunga System Daily Update: 01/03/08 16:24 03 January 2008
Cowabunga System Daily Update: Monday, 03/03/08 18:00 03 March 2008
Cowabunga System Daily Update: Monday, 04/14/08 12:23 14 April 2008
Cowabunga System Daily Update: Tuesday, 02/26/08 12:42 26 February 2008

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hi good trade. i need to keep asking though, my cowabunga indicator did not show the 0130 AM EST signal, though it did show the 0715 am EST and 0945pm EST signals. my question is this can you send me your cowabunga indicator? hope fully it also has an alarm when the signal is generated? and also any ideas why my cowabunga did not generate the 0130 am signal? please don't refer me to the forums. thanks hypnos63@yahoo.com

hypnos63 | Posted 17:45 04 January 2008

I just wanna explore my mistake I did yesterday, I for whatever reason didn't follow cowabunga's rule which says close your trade before the news(4:30AM). I was going short at that time, and suddenly the news came and the price went like a racket up to 1.9770, but the good thing is I had the stop at 1.9730, so I just lost 20 pips. So, it is very important to follow the rules, even if you are going to lose sometimes. Thanks john50000

john50000 | Posted 18:45 04 January 2008

missed the 1st entry coz still in office...not doin 2nd entry coz of the news...3rd entry yes...managed to get around +26..thanks..^_^

microsuck_360 | Posted 04:52 05 January 2008

well I didn't take anything but the first trade because the stochastics on H4 were heading up. I guess it's all down to personal judgement

cc1cc2 | Posted 05:33 05 January 2008

I have studied your method for @ 4-5 months, I like it very much. I noticed your trading times are between 1:00 am to 7:00 am eastern time. I work 8-5, Monday thur Friday, 1 or 2 nights a week I can do an all nighter. I "call it a night" @ 1:30 am most nights. One day I would like trade full, but until, I have to find ways around this handicap. One ideal I have, is to apply your methods to the US/JP. I understand the yen doesnt have movement of the pound, so I expect less pips. Is there any other changes of using your trade method with the yen. Thanks jrusure.

jrusure | Posted 15:58 05 January 2008

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