Cowabunga System Daily Update: Monday, 01/14/08

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Main Trend

trend2

Current Trend= The trend remained down until 3am EDT. From 11pm EDT – 3am EDT, a new trend change candle formed and changed the trend from down to UP. After 3am EDT, the trend remained up the rest of the day.

Today I only looked for short trades until 3am EDT. After 3am EDT I only looked for long trades.

Today’s Surf

4:15am EDT- There was a moving average crossover for a long trade. RSI was greater than 50, MACD was negative and gaining value, but stochastics were still trending down. This cancelled out the signal and I did not enter.

6:15am EDT- There was a moving average crossover for a long trade. RSI was greater than 50, stochastics were trending up, and MACD was negative and gaining value. This was a valid entry. The entry was at the close of the candle at 1.9635 with a stop at the most recent swing low at 1.9608. Since I was 15 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.9650.

Entry: Long at 1.9635

Stop: 1.9608

Initial Target: 1.9650

7:30am EDT- Unfortunately I was stopped out of my trade.

entry2

Trade Result: -27 pips; R-Multiple: -1.00

News events to watch for Monday :
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  • pippinL

    Today was my first day trading Cowabunga and you know what? I’m happy.

    I’m happy for 4 reasons.
    1/ The fact that I got the trade right, even though it was negative (I don’t like to use the word ‘loss’!)
    2/ The system is simple to manage and the rules are very clear.
    3/ The honesty of the Sponsor is transparent and encouraging.
    4/ It obviously makes money over time. So what more could I ask for?
    5/ I tried it on (demo) other currencies and could see promising signs.

    Thanks for the System :)

  • pippinL

    Today was my first day trading Cowabunga and you know what? I’m happy.

    I’m happy for 4 reasons.
    1/ The fact that I got the trade right, even though it was negative (I don’t like to use the word ‘loss’!)
    2/ The system is simple to manage and the rules are very clear.
    3/ The honesty of the Sponsor is transparent and encouraging.
    4/ It obviously makes money over time. So what more could I ask for?
    5/ I tried it on (demo) other currencies and could see promising signs.

    Thanks for the System :)