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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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March 2008

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Cowabunga System Daily Update: Monday, 03/31/08

Posted 13:17 31 March 2008 | 4

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

Sorry I didn't have enough time to make a video dudes!

Main Trend

Current Trend= The trend remained down the entire day.

Today I only looked for short trades.

News events to watch for today :

None

Today's Surf

12:00am EST- There was a moving average crossover for a short trade. RSI was less than 50, stochastics were trending down, and MACD went from positive to negative. This was a valid entry. The entry was at the close of the candle at 1.9945 with a stop at the most recent swing high at 1.9968. Since I was 45 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.9900.

Entry: Short at 1.9945
Stop: 1.9968
Initial Target: 1.9900

1:45am EST- My target was hit. Price did not make a clean break so I took my final profit. I exited at 1.9902.

7:00am EST- 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 1.9856 with a stop at the most recent swing high at 1.9905. Since I was only 6 pips away from the nearest 50 or 00 level (1.9850), I decided to go for the same amount of pips I was risking on the trade which in this case was 49. This put my initial target at 1.9807.

Entry: Short at 1.9856
Stop: 1.9905
Initial Target: 1.9807

10:00am EST- Unfortunately I was stopped out of my trade.

11:15am EST- 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 1.9865 with a stop at the most recent swing high at 1.9943. Since I was 15 pips away from the nearest 50 or 00 level I decided to put my initial target at 1.9850.

Entry: Short at 1.9865
Stop: 1.9943
Initial Target: 1.9850

11:30am EST- My target was hit. Price did not make a clean break so I took my final profit. I exited at 1.9853.

Trade Result: +43 -49 +12= +6 pips; R-Multiple: 1.87; -1.00, 0.15

News events to watch for tomorrow :

4:30am EST- UK Manufacturing PMI
10:00am EST- US ISM Manufacturing Index

Questions? Read the Cowabunga FAQ.

Want to discuss the Cowabunga System? Visit our Forums.

Cowabunga System Daily Update: Monday, 04/07/08 13:28 07 April 2008
Cowabunga System Daily Update: Thursday, 04/03/08 13:40 03 April 2008
Cowabunga System Daily Update: Monday, 04/28/08 12:42 28 April 2008
Cowabunga System Daily Update: 09/18/07 14:05 18 September 2007
Cowabunga System Daily Update: Wednesday, 03/05/08 13:33 05 March 2008

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Welcome back man...It's cool I guess that I was in all those trades, my problem is that in the first trade I put my limit at 25 pip profit because I was going to sleep and decided to put my limit at the same amount I was risking. On the 7:15 trade I lost the same 50 pips as you so I was down 25 and on the third since my stop was so high and I got in at 1.9857 (to close to the 50 level) I went for 40 pips. Needles to say I am still in the trade and hoping I get something better before 4pm when I will close it. Two people, same strategy, and such different results. Power to you man. I regret the limit on the original trade, but since I got in so low on the third trade, was it wrong to place my limit at 40 pips?

jsese | Posted 14:57 31 March 2008

Ok..I just closed the third trade @1.9825 for a 32 pips gain. So I made 25, lost 50, then made 32 for a total of +7 pips. The end result was basically the same, though the means were different...oh and by the way, it was cool that you answered questions on your video... Take care

jsese | Posted 15:16 31 March 2008

Dude! You forgot the 10 AM news, ISM Manufacturing Index. You should have stopped the trade at 09.45 for breakeaven

gryat | Posted 18:13 31 March 2008

Correct me if i am wrong but in the first trade MACD was already negative. Just visable above..

jsd1004 | Posted 20:52 31 March 2008

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