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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: 01/19/07

Posted 16:07 19 January 2007 | 5

Main Trend

Current Trend= Up

Today I only looked for long trades.

Today's Surf

After the consumer sentiment report there was a Cowabunga signal at 11:00 am ET. The entry was at the close of the candle which was at 9735 and the stop was at the most recent swing low which was at 9694. Since my entry was only 15 pips away from the 50 level (9750), I decided to set my target for the same amount of pips I was risking. In this case I was risking 41 pips so I added that to my entry and got a target at 9776. Unfortunately the market didn't go as high as I had hoped and I ended up closing my trade at the end of the day for a 1 pip loss.

Trade Result: -1 Pip

Cowabunga System Daily Update: 01/22/07 16:39 22 January 2007
Cowabunga System Daily Update: 02/14/07 14:25 14 February 2007
Cowabunga System Daily Update: +41 Pips 16:30 18 January 2007
Cowabunga System Daily Update: 01/31/07 16:21 31 January 2007
Cowabunga System Daily Update: 05/17/07 14:19 17 May 2007

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Not a bad trade, though I think it has a high probability of being stopped out. That said, I like the Pound in the near- to mid-term as the beneficiary of capital flows, especially if a Dollar sell-off ensues. I see a target in the $1.99 - 2.01 range with stops at 1.966 and 1.954. Of course, with a risk of 100-200 pips, trade size would be relatively small.

bondzeye | Posted 19:40 19 January 2007

HELP, WHAT AM I MISSING, I BELIEVE THERE WAS AN ADDITIONAL ENTRY AT 7:00 AM EST., FRIDAY, JAN. 19TH. I HAVE A 5/10 CROSS, RSI>50, AND STOCHASTICS AND MACD HIST., MACD HAD JUST CROSSED - TO +, GOING UP. HELP, HELP, HELP?

gojijuice1 | Posted 21:00 19 January 2007

You're right. I was away from my computer and did not catch that entry. That was in fact a good entry and it was similar to the one at 11:00 am ET. The entry was at 9734, stop loss at the most recent swing low at 9713. Again if you went for the same amount of pips risked, your target would've been at 9755 which was hit at 7:30 am ET. From now on I think I will post all entries, even if I missed them. Good catch gojijuice1!

bigpippin | Posted 23:04 19 January 2007

That entry looks to me hit 9754 at 7:30am and then began a down move which hit 9692. It was a good catch but a tough one to ride don't you think.

pinetree | Posted 12:38 22 January 2007

Well the actual entry was to go long at 7:00 am ET. The target was hit quickly at 7:30 am ET which means you were already out of the trade. After the target was hit was when the price fell down, but it wouldn't affect us since we already had taken profit. The next entry wasn't until 11:00 am ET which unfortunately was a breakeven trade.

bigpippin | Posted 14:02 22 January 2007

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