Cowabunga System Daily update: Wednesday, 05/07/08

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

1:45am 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 1.9683 with a stop at the most recent swing high at 1.9711. Since I was 33 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.9650.

Entry: Short at 1.9683

Stop: 1.9711

Initial Target: 1.9650

2:45am EST– My target was hit. Price made a clean break so I moved my stop to 1.9650 and set my next target for 1.9600.

3:15am EST– My 2nd target was hit. This time, price did not make a clean break so I took my final profit. I exited at 1.9605.

entry2

Trade Result: +78 pips : R-Multiple: 2.78

News events to watch for tomorrow :
  • 7:00am EST– UK Official Bank Rate
  • 8:30am EST– ECB Press Conference
Questions? Read the Cowabunga FAQ.
Want to discuss the Cowabunga System? Visit our Forums.
Like what you've read?
Join over 40,000 other traders who get our newsletter. Tutorials, EAs, chart setups, free forex trading systems, and more!
  • jsese

    I am so bummed that I didn’t let it ride at the 1st target. I had a limit set up at 1.9650 in case I didn’t wake up, and an alarm to sound at 1.9655 so I could get up and change the limit if it made a clean break. it blew right by my target and I didn’t have time to change the limit. I did pull in 34 pips but 50 more would have been better. Thanks for the posts!

  • jsese

    I am so bummed that I didn’t let it ride at the 1st target. I had a limit set up at 1.9650 in case I didn’t wake up, and an alarm to sound at 1.9655 so I could get up and change the limit if it made a clean break. it blew right by my target and I didn’t have time to change the limit. I did pull in 34 pips but 50 more would have been better. Thanks for the posts!