Cowabunga System Daily Update: Monday, 06/16/08

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Main Trend

Current Trend= The trend remained down until 4am EST. From 12am – 4am EST, a new trend change candle formed and changed the trend from down to UP. After 4am EST, the trend remained up the rest of the day.

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

News events to watch for today :
  • 8:30am EST- US Empire State Business Conditions
  • 9:00am EST- US TIC data

Today’s Surf

2:30am 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 1.9503 with a stop at the most recent swing high at 1.9542. Since I was only 3 pips away from the nearest 50 or 00 level, I decided to go for the same amount of pips I was risking on the trade, which in this case was 39. This put my initial target at 1.9464.

Entry: Short at 1.9503

Stop: 1.9542

Initial Target: 1.9464

4:30am EST– Unfortunately I was stopped out of my trade.

entry2

Trade Result: -39 pips (THIS DOES NOT INCLUDE THE SPREAD): R-Multiple: -1.00

News events to watch for Tomorrow :
  • 4:30am EST– UK CPI
  • 8:30am EST– US PPI, US Housing Starts

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

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  • alcon005

    Hey man! i’m new in this blog but i been reading and waching all the blogs and the cowabunga sistem, which i’m using for my trades, i really like your sistem but, in order for me to enter a trade i have to be in front of the computer most of the time, and i’m trying to find out how to get or set up an alarm on my MT4 plattaform. I been traiding for two years on my demo accounts but before that i read for Six months all about baby pips school. i’ll really appreciate any Tip or any info that i coul get Thanks

  • Tygon

    There was a moving average cross over at 4.15 am on the 15 minute chart, RSI>50, stochastic trending up and MACD increasing. I entered with positive results.

  • alcon005

    Hey man! i’m new in this blog but i been reading and waching all the blogs and the cowabunga sistem, which i’m using for my trades, i really like your sistem but, in order for me to enter a trade i have to be in front of the computer most of the time, and i’m trying to find out how to get or set up an alarm on my MT4 plattaform. I been traiding for two years on my demo accounts but before that i read for Six months all about baby pips school. i’ll really appreciate any Tip or any info that i coul get Thanks

  • Tygon

    There was a moving average cross over at 4.15 am on the 15 minute chart, RSI>50, stochastic trending up and MACD increasing. I entered with positive results.