Cowabunga System Daily Update: Tuesday, 05/13/08

Due to technical difficulties yesterday, I did not get a chance to trade. Thankfully I was back in the markets today.

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Main Trend

Current Trend= The trend remained up until 4am EST. From 4am – 8am EST, a new trend change candle formed and changed the trend from up to DOWN. After 8am EST, the trend remained down the rest of the day.

Today I only looked for long trades until 4am EST. After 4am EST, I only looked for short trrades.

News events to watch for today :
  • 4:30am EST- UK CPI
  • 8:30am EST- Bernanke Speaks, US Retail Sales

Today’s Surf

1:15am EST- There was a moving average crossover for a long trade. However, stochastics were trending down which cancelled out the signal. There was no entry.

4:45am 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 1.9488 with a stop at the most recent swing high at 1.9586. Since I was 38 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.9450.

Entry: Short at 1.9488

Stop: 1.9586

Initial Target: 1.9450

8:15am EST- My target wasn’t hit by this time and I knew that news was coming out at 8:30 so I went ahead and closed out my trade. I exited at 1.9470.

entry2

Trade Result: +18 pips : R-Multiple: 0.18

News events to watch for Monday :
  • 4:30am EST- UK Claimant Count Change
  • 5:30am EST- BOE Inflation Report
  • 8:30am EST- US CPI

For a complete list of news events check out our News Section

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

    yeah..I saw the signal but I didn’t get in because the stop was way to far out and I felt like the volatility of the news could be irrational so there was to much risk for 30 pips gain. Oh well. Congrats onn the trade though. Talk to you tomorrow!

  • jsese

    yeah..I saw the signal but I didn’t get in because the stop was way to far out and I felt like the volatility of the news could be irrational so there was to much risk for 30 pips gain. Oh well. Congrats onn the trade though. Talk to you tomorrow!

  • tonymand

    Something wrong with your figs PS. The price just prior to the news was slightly higher than your entry price and I can see just by looking at the highlighted candles this was the same on your programme as it is on mine

  • tonymand

    Something wrong with your figs PS. The price just prior to the news was slightly higher than your entry price and I can see just by looking at the highlighted candles this was the same on your programme as it is on mine

  • linalm

    Hello! I will appreciate if any of you who follow this system can confirm that your MACD matches PipSurefer’s for 5/13/08. His chart shows MACD line and signal above zero with MACD histogram below zero prior to his taking of the trade. My chart shows MACD line and signal both below zero at that time and I don’t know if I have a setting issue or what. Strange, though, that my MACD for other days has matched his.

    Thanks in advance if you get a chance to see and reply to this post.