Cowabunga System Daily Update: Monday, 07/14/08

Well I did it! I tied the knot last Saturday and just got back from a wonderful honeymoon in beautiful Jamaica mon! While it was very relaxing, I’m ready to get back to what I love doing….trading!

If you haven’t done so already , go check out BabyPips’ newest creation, ! 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 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 up the entire day.

Today I only looked for long trades.

News events to watch for today :
  • 4:30am EST- UK PPI Input

Today’s Surf

1:00am 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 1.9852 with a stop at the most recent swing low at 1.9821. Since I was 48 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.9900.

Entry: Long at 1.9852

Stop: 1.9821

Initial Target: 1.9900

4:15am EST- My target wasn’t hit by this time. I knew that news was coming out at 4:30am EST so I decided to close my trade. I cut my losses and exited at 1.9835.

5:45am EST- There was a moving average crossover for a long trade but MACD was already positive which cancelled the signal. No entry!


Trade Result: -17 pips (NOT INCLUDING SPREAD: R-Multiple: -0.54

News events to watch for tomorrow :
  • 4:30am EST- UK CPI
  • 8:30am EST- US Retail Sales, PPI

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.


Leave a Reply

Your email address will not be published. Required fields are marked *

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <strike> <strong>