Cowabunga System Daily Update: Thursday, 04/24/08

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

Main Trend

Current Trend= The trend remained down the entire day.

Today I only looked for short trades.

News events to watch for today :

Today’s Surf

12:45am 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 1.9791 with a stop at the most recent swing high at 1.9801. Since I was 41 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.9750.

Entry: Short at 1.9791

Stop: 1.9801

Initial Target: 1.9750

2:30am EST- My target was hit. Price did not make a clean break so I took my final profit. I exited at 1.9752.

entry2

Trade Result: +39 pips : R-Multiple: 3.90

News events to watch for tomorrow :
Questions? Read the Cowabunga FAQ.
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18 comments

  1. jsese

    Hey..did anyone realize that todays trade was exactly the same as tuesday”s trade? I just thought that was cool…
    Take care.

    Reply
  2. jsese

    Hey..did anyone realize that todays trade was exactly the same as tuesday”s trade? I just thought that was cool…
    Take care.

    Reply
  3. sirieth

    Hi i’m a little confused on the time frames I thought we were only supposed to be looking for trades between 0800 – 1700GMT(0300 – 1200EST)? But this trade was placed at 12:45est?

    Sorry i’m in new zealand and finding it hard to get my head around all the different time zones lol.

    Reply
  4. sirieth

    Hi i’m a little confused on the time frames I thought we were only supposed to be looking for trades between 0800 – 1700GMT(0300 – 1200EST)? But this trade was placed at 12:45est?

    Sorry i’m in new zealand and finding it hard to get my head around all the different time zones lol.

    Reply
  5. MissPips

    Trading hours are 12:01 am EST to 16:00 Eastern time (Standard or Daylight, as appropriate). Valid signals must occur after 12 am EST and before 12 noon EST. If you take a signal that occurs close to noon, you must close it by 16:00 Eastern time whether it is in profit or loss, according to the rules. Although Pip Surfer is currently logging trades at (for example) 12:45 EST, actually I believe that is actually 12:45 EDT now since it is daylight savings time now in the Eastern US.

    Reply
  6. sirieth

    Ah i see. I was just working off 12th grade – market hours in the forex school >

    Owel this way gives more time to look for trades atleast.

    Reply
  7. lilfeet

    Check the FAQ for details on clean break. Essentially he is looking at the price action and seeing if it is blowing past the target price with momentum. If it is, he’ll ride the trend a bit more, if it is just squeaking by, then he simply takes his profit.

    Reply
  8. lilfeet

    Check the FAQ for details on clean break. Essentially he is looking at the price action and seeing if it is blowing past the target price with momentum. If it is, he’ll ride the trend a bit more, if it is just squeaking by, then he simply takes his profit.

    Reply
  9. Bazsi

    I had checked the FAQ before, the only thing was not clear that how is it possible if there is an auto profit target, but no I understand that there is no auto target, his profit target is taken manually, right?

    Reply
  10. Bazsi

    I had checked the FAQ before, the only thing was not clear that how is it possible if there is an auto profit target, but no I understand that there is no auto target, his profit target is taken manually, right?

    Reply
  11. MissPips

    Go back and listen to the videos PipSurfer posted. In one of them he explains how he does a clean break, and you get to watch it in action in the video, which is much more helpful than just reading about it. (I don’t remember which one, but there aren’t that many so far.)

    Reply
  12. MissPips

    Go back and listen to the videos PipSurfer posted. In one of them he explains how he does a clean break, and you get to watch it in action in the video, which is much more helpful than just reading about it. (I don’t remember which one, but there aren’t that many so far.)

    Reply

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