Cowabunga System Daily Update: Wednesday, 06/04/08

If you haven’t done so already , go check out BabyPips’ newest creation, FreshPips.com !

Freshpips.com delivers to your e-door step the most relevant Forex news and research on the Web. The stories you see on FreshPips are submitted by site members – you and your fellow Forex traders. You then decide what’s “fresh” and what, well, sucks. Top honors – submissions placed on the main page – are given to the stories deemed fresh by the FreshPips.com community as a whole.

Check it out, register, and start submitting cool Forex stories today!

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 :
  • 4:30am EST- UK Services PMI
  • 8:15am EST- US ADP Nonfarm Employment Change
  • 10:00am EST- US ISM Non-Manufacturing Composite

Today’s Surf

1:15am 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 1.9617 with a stop at the most recent swing high at 1.9630. Since I was 17 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.9600.

Entry: Short at 1.9617

Stop: 1.9630

Initial Target: 1.9600

2:00am EST- My target was hit. Price made a clean break, so I moved my stop to 1.9600 and set my next target for 1.9550.

3:15am EST- My 2nd target was hit. This time price didn’t make a clean break so I took my final profit. I exited at 1.9555.

7:30am EST- There was a signal here, but I didn’t want to enter because it was close to news.

9:30am EST- There was a signal here, but I didn’t want to enter because it was close to news.

entry2

Trade Result: +62 pips (THIS DOESN’T INCLUDE SPREAD): R-Multiple: 4.77

News events to watch for tomorrow :
  • 7:00am EST- UK Interest Rate Statement
  • 8:30am EST- Unemployment Claims

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.
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

    nice day! I was in at 1.9617 and out at 1.9550 net of spread but unfortunately I felt invincible and got in the 7 am trade for a loss of 18 pips…still a nice day though.

  • jsese

    nice day! I was in at 1.9617 and out at 1.9550 net of spread but unfortunately I felt invincible and got in the 7 am trade for a loss of 18 pips…still a nice day though.

  • MissPips

    Way to go!

  • MissPips

    Way to go!