Cowabunga System Daily Update: Thursday, 08/28/08

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 :

Today’s Surf

1:45am EST- There was a valid signal here but because it was close to news I did not enter.

3:30, 6:00am EST- There were moving average crossovers for short trades here but MACD was already negative which cancelled out the signals. No entry!

8:30am EST- There was a valid signal here but it was a news candle so I did not enter.

10:00am 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 1.8338 with a stop at the most recent swing high at 1.8393. Since I was 38 pips away from the nearest 50 or 00 level I decided to put my initial target at 1.8300.

Entry: Short at 1.8338

Stop: 1.8393

Initial Target: 1.8300

10:30am EST- My target was hit. Price made a clean break so I moved my stop to 1.8300 and set my next target for 1.8250.

11:00am EST- Unfortunately I was stopped out at 1.8250.

entry2

Trade Result: +38 pips (NOT INCLUDING SPREAD) R-Multiple: 0.69

News events to watch for tomorrow :

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.

  • kirilbug

    Hi, Pip Surfer, I have read your posts for several weeks, made my charts but don’t look like yours :) Can you post a link to 2 templates (15 min and 4hr chart). Thanks.

    Let the Forex be with you!

  • kirilbug

    Hi, Pip Surfer, I have read your posts for several weeks, made my charts but don’t look like yours :) Can you post a link to 2 templates (15 min and 4hr chart). Thanks.

    Let the Forex be with you!

  • vman123

    hey, i was wondering, on xtick, do you use exponential macd or simple macd? also, i had two different charting softwares open with the same currency, time frame, and all other settings the same, but noticed the open,hi,lo,close for one charting software differed by a few pips from the other, i called one of the charting companies (GFT forex) and they said each charting program gets their feed from a different bank, so its normal for it to differ; so say you want to use xtick for charting since it has the paint feature, but u place your orders through gft’s dealbook360 platform, is there anyway u can buy straight off of xtick? any suggestions about the matter would be great, thanks a lot

  • vman123

    hey, i was wondering, on xtick, do you use exponential macd or simple macd? also, i had two different charting softwares open with the same currency, time frame, and all other settings the same, but noticed the open,hi,lo,close for one charting software differed by a few pips from the other, i called one of the charting companies (GFT forex) and they said each charting program gets their feed from a different bank, so its normal for it to differ; so say you want to use xtick for charting since it has the paint feature, but u place your orders through gft’s dealbook360 platform, is there anyway u can buy straight off of xtick? any suggestions about the matter would be great, thanks a lot