Cowabunga System Daily Update: Wednesday, 03/26/08

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

Main Trend

Current Trend= The trend remained up the entire day.

Today I only looked for long trades.

News events to watch for today :

Today’s Surf

3:00am 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 2.0050 with a stop at the most recent swing low at 2.0014. Since I was 50 pips away from the nearest 50 or 00 level, I decided to put my initial target at 2.0100.

Entry: Long at 2.0050

Stop: 2.0014

Initial Target: 2.0100

5:15am EST- My target was hit. Since I knew news was coming out, I went ahead and took my final profit at 2.0100.

10:30am EST- 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.

entry2

Trade Result: +50 pips; R-Multiple: 1.38

News events to watch for tomorrow :
  • 8:30am EST- US Unemployment Claims, Final GDP Annualized

*Note- I will not be trading tomorrow and Friday because I will be out of town. Updates will resume back on Monday. Have a great week everyone!

Questions? Read the Cowabunga FAQ.
Want to discuss the Cowabunga System? Visit our Forums.
  • MissPips

    Hi Pip Surfer,

    Something has gone wrong with the video – YouTube can’t find it.

    Thanks for all your effort!

  • yennek

    Dear pip Surfer, I think I’ve checked all the System FAQ and I just can’t find an answer to R- Multiple, Please explain. Thanks. I really have fun with the Cowabunga system.

  • Klee

    I got this from:
    http://tradermike.net/2006/09/r_r-multiples_defined/

    “What is R?

    R is simply the dollar risk per trade. It’s nothing but a reward-to-risk ratio. I first heard it called “R” in Van Tharp’s book “Trade Your Way to Financial Freedom“. In another of his books, “Financial Freedom Through Electronic Day Trading”, Dr. Tharp reveals the great secret of trading:

  • MissPips

    Hi Pip Surfer,

    Something has gone wrong with the video – YouTube can’t find it.

    Thanks for all your effort!

  • yennek

    Dear pip Surfer, I think I’ve checked all the System FAQ and I just can’t find an answer to R- Multiple, Please explain. Thanks. I really have fun with the Cowabunga system.

  • Klee

    I got this from:
    http://tradermike.net/2006/09/r_r-multiples_defined/

    “What is R?

    R is simply the dollar risk per trade. It’s nothing but a reward-to-risk ratio. I first heard it called “R” in Van Tharp’s book “Trade Your Way to Financial Freedom“. In another of his books, “Financial Freedom Through Electronic Day Trading”, Dr. Tharp reveals the great secret of trading:

  • Bigtunaman

    Pipsurfer,

    I’m new to your site but now an avid reader/follower. Your system seems simple and selective which is just my style. I’ve realized that money managment is the most important part of trading and you determine how many pips it takes to round out at 50 or 00 for your PT with a SL at the most recent swing high/low. My question is what is your pip goal per day, week or month and on a monthly basis, how often do you meet your goal with this system? I’ve checked the stats on the site and give you props for the success. Just curious, thanks for the education man. Shaka brudda!

  • Bigtunaman

    Pipsurfer,

    I’m new to your site but now an avid reader/follower. Your system seems simple and selective which is just my style. I’ve realized that money managment is the most important part of trading and you determine how many pips it takes to round out at 50 or 00 for your PT with a SL at the most recent swing high/low. My question is what is your pip goal per day, week or month and on a monthly basis, how often do you meet your goal with this system? I’ve checked the stats on the site and give you props for the success. Just curious, thanks for the education man. Shaka brudda!

  • gryat

    The MPC Treasury Committee Hearings came out at 5.10 EST according to forex-factory.

    Who was right, you or them?

  • gryat

    The MPC Treasury Committee Hearings came out at 5.10 EST according to forex-factory.

    Who was right, you or them?

  • ramses

    When you make 1 pip how much realized profit is that for you

  • ramses

    When you make 1 pip how much realized profit is that for you

  • vjay1123

    hey there, good day!!, just tried the your system for about 4 hours, first lost 30 pips because i wasnt able to double check the trend, then gained 29, then 13, 8 then 16, so that would be 36 pip earned for 4 hour trade. anyway im trading while working here in our office, i just wanna thank you for this, although i still have to practice a lot.

  • vjay1123

    hey there, good day!!, just tried the your system for about 4 hours, first lost 30 pips because i wasnt able to double check the trend, then gained 29, then 13, 8 then 16, so that would be 36 pip earned for 4 hour trade. anyway im trading while working here in our office, i just wanna thank you for this, although i still have to practice a lot.