Cowabunga System Daily Update: Monday, 05/19/08

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Main Trend

Current Trend= The trend remained up the entire day.

Today I only looked for long trades.

News events to watch for today :
  • None

Today’s Surf

1:45am EST- There was a moving average crossover for a long trade. RSI was greater than 50, stochastics were trending up, and MACD went from negative to positive. This was a valid entry. The entry was at the close of the candle at 1.9573 with a stop at the most recent swing low at 1.9555. Since I was 27 pips away from the nearest 50 or 00 level, I decided to put my target at 1.9600.

Entry: Long at 1.9573

Stop: 1.9555

Initial Target: 1.9600

2:00am EST- Unfortunately I was stopped out of my trade.

4:00am EST- There was a moving average crossover for a long trade. RSI was greater than 50, stochastics were trending up, and MACD went from negative to positive. This was a valid entry. The entry was at the close of the candle at 1.9591 with a stop at the most recent swing low at 1.9539. Since I was only 9 pips away from the nearest 50 or 00 level (1.9600), I decided to go for the same amount of pips I was risking on the trade, which in this case was 52. This put my target at 1.9643.

Entry: Long at 1.9591

Stop: 1.9539

Initial Target: 1.9643

8:00am EST- Unfortunately I was stopped out of my trade.

entry2

Trade Result: -18 -52= -70 pips : R-Multiple: -1.00; -1.00

News events to watch for Monday :

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

Questions? Read the Cowabunga FAQ.
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  • PipWolf

    Ouch! You don’t seem to have been having much luck recently, have you?

    I’ve been paper trading the Cowabunga system for a few weeks now, and it seems like valid entries have been immediately followed by quite serious reversals recently. Obviously this is not normal for the system (given its track record), so what do you think has been going on lately? Any thoughts?

  • PipWolf

    Ouch! You don’t seem to have been having much luck recently, have you?

    I’ve been paper trading the Cowabunga system for a few weeks now, and it seems like valid entries have been immediately followed by quite serious reversals recently. Obviously this is not normal for the system (given its track record), so what do you think has been going on lately? Any thoughts?

  • flmarc

    My experience with this system has been that when I use the 4 hour chart to pick the trend, I end up with slightly better than 55% wins whereas using the 1 hour chart provides me 72% and seems more appropriate.

  • cooldude

    Hi there, im new to this site. I would just like to here your opinion about trading with pivot points. I have a similar system to yours. I use pivot points, and only place trades in the direction of the longer term trend, and will only trade at S1, pivot and R1 in the direction of trend. I also use EMA,together with MACD, and use RSI. I use the 5min chart though, and i know you guys dont like that time frame. Of the 17 live trades iv already done, 11 winners and 6 losses.

  • flmarc

    My experience with this system has been that when I use the 4 hour chart to pick the trend, I end up with slightly better than 55% wins whereas using the 1 hour chart provides me 72% and seems more appropriate.

  • cooldude

    Hi there, im new to this site. I would just like to here your opinion about trading with pivot points. I have a similar system to yours. I use pivot points, and only place trades in the direction of the longer term trend, and will only trade at S1, pivot and R1 in the direction of trend. I also use EMA,together with MACD, and use RSI. I use the 5min chart though, and i know you guys dont like that time frame. Of the 17 live trades iv already done, 11 winners and 6 losses.