Cowabunga System Daily Update: 01/18/08

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

Main Trend

trend2

Current Trend= The trend remained up until 7am EDT. From 3am – 7am EDT a new trend change candle formed and changed the trend from up to DOWN. After 7am EDT, the trend remained down the rest of the day.

Today I only looked for long trades until 7am EDT. After 7am EDT, I only looked for short trades.

Today’s Surf

1:30am EDT- There was a moving average crossover for a long trade. RSI was greater than 50, stochastics were trending up, but MACD was already positive. This cancelled out the signal and I did not enter.

4:00am EDT- There was a valid signal for a long trade. However, I knew that UK Retail Sales was coming up at 4:30am EDT so I decided not to take this one.

7:00am EDT- New trend change candle had formed and the trend was now DOWN.

9:00am 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 1.9583 with a stop at the most recent swing high at 1.9618. Since I was 33 pips away from the nearest 50 or 00 level, I decided to set my initial target at 1.9550.

Entry: Short at 1.9583

Stop: 1.9618

Initial Target: 1.9550

9:30am EDT- Unfortunately I was stopped out of my trade.

10:15am 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 1.9591 with a stop at the most recent swing high at 1.9620. Since I was 41 pips away from the nearest 50 or 00 level, I decided to set my initial target at 1.9550.

Entry: Short at 1.9591

Stop: 1.9620

Initial Target: 1.9550

10:45am EDT- My target was hit. Price made a clean break of my target so I trailed my stop to 1.9550 and set my next target for 1.9500.

11:00am EDT- Unfortunately I was stopped out at 1.9550.

entry2

Trade Result: -35 +41= +6 pips; R-Multiple: -1.00, 1.41

*Note- I will be traveling the globe starting Monday and will be gone for 3 weeks. During this time I will have limited access to the internet which will make posting quite difficult. However, I encourage you to continue practice trading and if you have any questions, visit the Cowabunga Thread on our forums and discuss it with other Cowabunga traders. I will resume posting as soon as I can and I hope you all like totally catch some righteous waves dudes, fer sure!

News events to watch for Monday :
  • It is a US Holiday. I would recommend not to trade on Monday.
Questions? Read the Cowabunga FAQ.
Want to discuss the Cowabunga System? Visit our Forums.
  • diku911

    I’m very sorry that you are going away and can’t post your comments and results. Happy holiday!

  • diku911

    I’m very sorry that you are going away and can’t post your comments and results. Happy holiday!

  • hypnos63

    HI, WHAT IS THE BASIS FOR THE SELECTION OF THE ‘TREND’ CHANGE CANDLE/S? CAN YOU EXPLAIN THE CRITERIA? THANKS HYPNOS63

  • hypnos63

    HI, WHAT IS THE BASIS FOR THE SELECTION OF THE ‘TREND’ CHANGE CANDLE/S? CAN YOU EXPLAIN THE CRITERIA? THANKS HYPNOS63

  • roro

    hi i use (12,26,9)macd applied to close why it doesnt look like urs at all.
    thanks in advance
    roro

  • roro

    hi i use (12,26,9)macd applied to close why it doesnt look like urs at all.
    thanks in advance
    roro

  • True777

    Hey, new to trading the FX but your systems been working out well. I’ve actually been trading it with a different pair even though you said it was designed for the cable. My question is the same as Hypnos63’s as to what is a definite trend change. Because I’ve made trades where the 5ema on the 4hr has changed directions, the stoch and rsi agree, but it hasn’t crossed yet. And the trades worked out. But would you sat it’s not a true trend change until it crosses?

  • True777

    Hey, new to trading the FX but your systems been working out well. I’ve actually been trading it with a different pair even though you said it was designed for the cable. My question is the same as Hypnos63’s as to what is a definite trend change. Because I’ve made trades where the 5ema on the 4hr has changed directions, the stoch and rsi agree, but it hasn’t crossed yet. And the trades worked out. But would you sat it’s not a true trend change until it crosses?

  • pinetree

    Yo PS — Hoping you are enjoying your break — but also awaiting your return…have a good vacation if that is where you are.

  • pinetree

    Yo PS — Hoping you are enjoying your break — but also awaiting your return…have a good vacation if that is where you are.

  • vbrown5897

    Dude, like where are ya man?

  • vbrown5897

    Dude, like where are ya man?

  • kc3030

    What happened? Did you stop trading this system?

  • kc3030

    What happened? Did you stop trading this system?