Cowabunga System Daily Update: Tuesday, 3/25/08

Posted 12:29 25 March 2008 | 7
If this is your first time visiting this blog, read this first! 

I was in a rush today and did not have time to make a video update. Sorry dudes!

Main Trend

Current Trend= The trend remained up the entire day.

Today I only looked for long trades.

News events to watch for today :
  • None

Today's Surf

1:00am EST- 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 1.9912 with a stop at the most recent swing low at 1.9889. Since I was 38 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.9950.

Entry: Long at 1.9912
Stop: 1.9889
Initial Target: 1.9950

8:45am EST- My target was hit. Price made a clean break of my target so I moved my s/l to 1.9950 and set my next target for 2.0000.

9:00am EST- Unfortunately I was stopped out at 1.9950.

entry2

Trade Result: +38 pips; R-Multiple: 1.65

News events to watch for tomorrow :
Questions? Read the Cowabunga FAQ.
Want to discuss the Cowabunga System? Visit our Forums.

Comments (7)

Thanks for the daily updates. I like the simplicity of the system, and the track record looks pretty good. I'm concerned, though, that I can't play along unless I trade during the London session. I can't do that with a day job and a wife who expects me to follow normal wake-and-sleep cycles. Is this system (or any other) going to work between 8am and 4pm CDT? Or do I have to try to swing trade on daily charts or something like that?
phorekz | Posted 14:01 25 March 2008
Hey Pip Surfer...Hope you had a good weekend. I just want to say that my chart didn't show the 1:45 am as a crossover. Instead it showed that it closed at the same value as the 10 EMA..so I didn't enter. However, at 6:30 am I showed a valid signal (let me know if I was wrong) and I entered @ 1.9924 with the stop at 1.9901 and a PT of 1.9950. It hit my target on the same candle the hit yours and I was out for a 26 pips gain. Was this incorrect? Thanks as always.
jsese | Posted 14:37 25 March 2008
Scratch 6:30...make that 7:30am for the crossover. By the way, if you are in a trade and you get another valid signal...do you enter it as well? Even if it is same direction?
jsese | Posted 14:46 25 March 2008
Look dudes. Every chart doesn't look the same, because every broker you use have it's own market. If you check the 1 pm candle closely you will see why it didn't make a signal
gryat | Posted 17:20 25 March 2008
hello i have a question will this system work on a daily chart and if so how to setup thank you in advance
aguijr | Posted 22:28 25 March 2008
Hello, I'm very new to trading, I'm still trying to figure out the best times to enter and exit. Do you go by the candlesticks or more by the stochnastics and MACD. When you say 5 EMA or 10EMA I don't know where your counting from
Sunshine | Posted 11:06 26 March 2008
Hi there! I have been following your system and I think it is really a good system. I have just one question to ask you. I am currently using the SAXO capital market trading platform and when I compared my charts to the one you shown above, I realised that my chart did not indicate the crossover and hence I will not have been able to enter the trade. Can I know what trading platform you are using? Thanks! -jason
yschan_84 | Posted 01:01 27 March 2008

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