Cowabunga System Daily Update: Tuesday, 07/29/08

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Main Trend

Current Trend= The trend remained up until 8am 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 8am EST. After 8am EST, I only looked for short trades.

News events to watch for today :

  • 10:00am EST- US Consumer Confidence

Today’s Surf

1:15am EST- There was a moving average crossover for a long trade. RSI was greater than 50, stochastics were trending up, and MACD was negative and gaining value. This was a valid entry. The entry was at the close of the candle at 1.9935 with a stop at the most recent swing low at 1.9920. Since I was 15 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.9950.

Entry: Long at 1.9935

Stop: 1.9920

Initial Target: 1.9950

2:15am EST- My target was hit! Price didn’t make a clean break of my target so I took my final profit.

5:30am EST- There was a moving average crossover for a long trade. RSI was greater than 50, stochastics were trending up, and MACD was negative and gaining value. This was a valid entry. The entry was at the close of the candle at 1.9950 with a stop at the most recent swing low at 1.9921. Since I was 50 pips away from the nearest 50 or 00 level, I decided to put my initial target at 2.0000.

Entry: Long at 1.9950

Stop: 1.9921

Initial Target: 2.0000

6:00am EST- Unfortunately I was stopped out of my trade.

entry2

Trade Result: +15 -29= -14 (NOT INCLUDING SPREAD: R-Multiple: 1.00; -1.00

News events to watch for tomorrow :

  • 8:15am EST- US ADP Nonfarm Employment Change

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

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  • KahunaLion

    Hey Cowabunga Dude,

    Is there an EA for the famous Cowabunga system, or one similar we can customize for ourselves? If so, where?

    Later Waves,

    Dude

  • KahunaLion

    Hey Cowabunga Dude,

    Is there an EA for the famous Cowabunga system, or one similar we can customize for ourselves? If so, where?

    Later Waves,

    Dude

  • -Conan-

    Very informative. I really appreciate the time and effort you put into these posts. :)

  • -Conan-

    Very informative. I really appreciate the time and effort you put into these posts. :)