Cowabunga System Daily Update: 01/22/07

Main Trend

Current Trend= Up

Today I only looked for long trades.

Today’s Surf

There was a Cowabunga signal at 6:15 am ET. The entry was at 9744 with a stop at the most recent swing low at 9718. Since the entry was near the 50 level (9750) I decided to target the same amount of pips I was risking which in this case was 26 pips. This put my target at 9770, and it was hit at 11:00 am ET.

Trade Result: +26 Pips; R Multiple= 1.00

  • sain15

    Big Pippin,

    I noticed today that even though the RSI fell back below 50 for a short time at 9:00 and 10:30, and the 5ema crossed back below the 10ema, and stochastics was headed down. You stayed in the trade until your profit target was hit. Did you decide to stay in because the MACD remained positive, or with this system do you always let the trade run until either your limit or stop is hit(or atleast until 4pm).

  • foricks

    Cowabunga, Dude! Looks like another good trading day with a second signal this evening. I am back-testing your method using pivot points as target levels. I am anticipating a breakthrough from one pivot point to the next level of resistance (if below R1 for example, I would target M3 as the next reversal point) I will let you know what I find, but typically it is in the 20-40 pip range and adds market sentiment to the equation. I look forward to your comments, Great Kahuna.

  • bigpippin

    Sain15- Yes, I like to stay in the trade until either I am stopped out, my target is hit, or if it’s near the end of the trading day.

    Foricks- With this method, the targets are really up to you. Generally I will go for the amount of pips I am risking or a 50 or 00 level. With this evening’s signal I tend to take profits quickly because market volume is usually very low at this time. The best signals usually come after midnight but that doesn’t mean I don’t take them before then. I’m just extra careful and watch my trade like a hawk if the signal is before midnight.

    Happy trading!

  • pinetree

    The GBP Rightmove House Price report which came out at 19:01 seemed to push the pound up. Do you exit on these news reports or do you wait and see how they effect your positions.

  • bigpippin

    I only exit right before major fundamental reports. I’ll try to make a note on the previous day of any reports I will watch out for.

  • sain15

    Big Pippin,

    I noticed today that even though the RSI fell back below 50 for a short time at 9:00 and 10:30, and the 5ema crossed back below the 10ema, and stochastics was headed down. You stayed in the trade until your profit target was hit. Did you decide to stay in because the MACD remained positive, or with this system do you always let the trade run until either your limit or stop is hit(or atleast until 4pm).

  • foricks

    Cowabunga, Dude! Looks like another good trading day with a second signal this evening. I am back-testing your method using pivot points as target levels. I am anticipating a breakthrough from one pivot point to the next level of resistance (if below R1 for example, I would target M3 as the next reversal point) I will let you know what I find, but typically it is in the 20-40 pip range and adds market sentiment to the equation. I look forward to your comments, Great Kahuna.

  • bigpippin

    Sain15- Yes, I like to stay in the trade until either I am stopped out, my target is hit, or if it’s near the end of the trading day.

    Foricks- With this method, the targets are really up to you. Generally I will go for the amount of pips I am risking or a 50 or 00 level. With this evening’s signal I tend to take profits quickly because market volume is usually very low at this time. The best signals usually come after midnight but that doesn’t mean I don’t take them before then. I’m just extra careful and watch my trade like a hawk if the signal is before midnight.

    Happy trading!

  • pinetree

    The GBP Rightmove House Price report which came out at 19:01 seemed to push the pound up. Do you exit on these news reports or do you wait and see how they effect your positions.

  • IvanStipac

    Big Pippin, I am new in trading, but I have very nice results with your system. I just need an explanation about 00 and 50 level (what do you mean by that, and how do you count them when you are entering the trade). Another question is: are you trailing the stop, when the price is moving in your favor?
    Thank you

  • bigpippin

    I only exit right before major fundamental reports. I’ll try to make a note on the previous day of any reports I will watch out for.

  • IvanStipac

    Big Pippin, I am new in trading, but I have very nice results with your system. I just need an explanation about 00 and 50 level (what do you mean by that, and how do you count them when you are entering the trade). Another question is: are you trailing the stop, when the price is moving in your favor?
    Thank you

  • bigpippin

    Ivan- examples of 50 levels are: 9550, 9650,9750, 9850, 9950, etc. examples of 00 levels are: 9500, 9600, 9700, 9800, etc. And regarding trailing stops- It depends. I like to watch the price action. In today’s example, because the move was very volatile, I did trail my stop to try to capture as much profit as possible. However when price action is slow, I tend to just take my profit at my target. I’ll explain more in my trade recap later today. Hope that helps.

  • bigpippin

    Ivan- examples of 50 levels are: 9550, 9650,9750, 9850, 9950, etc. examples of 00 levels are: 9500, 9600, 9700, 9800, etc. And regarding trailing stops- It depends. I like to watch the price action. In today’s example, because the move was very volatile, I did trail my stop to try to capture as much profit as possible. However when price action is slow, I tend to just take my profit at my target. I’ll explain more in my trade recap later today. Hope that helps.

  • maatglobal

    Pardon my ignorance. Can someone please explain “trail my stop” –All the best

  • maatglobal

    Pardon my ignorance. Can someone please explain “trail my stop” –All the best

  • abman4444

    hi there well thanks for your efforts to update your blog at daily basis .
    i want to know which platform that can send alerts to your mobile phone or even your email it’s crucial for me to know because i can’t stay 12 hrs per in front my PC
    thanks

  • bigpippin

    I use Xtick because it’s easy to make pictures with and it’s fairly easy to use. I can also paint my candles when certain conditions are met. This why I have purple candles (for when the moving averages cross down) and black candles (for when the moving averages cross up). I’m also able to set alerts when these crossovers happen. So if my main trend is up, then I’ll just set alerts for whenever the moving averages cross up, and vice versa. The alerts get sent to my phone so it saves me from having to stay in front of the charts the whole time.

  • abman4444

    hi there well thanks for your efforts to update your blog at daily basis .
    i want to know which platform that can send alerts to your mobile phone or even your email it’s crucial for me to know because i can’t stay 12 hrs per in front my PC
    thanks

  • bigpippin

    I use Xtick because it’s easy to make pictures with and it’s fairly easy to use. I can also paint my candles when certain conditions are met. This why I have purple candles (for when the moving averages cross down) and black candles (for when the moving averages cross up). I’m also able to set alerts when these crossovers happen. So if my main trend is up, then I’ll just set alerts for whenever the moving averages cross up, and vice versa. The alerts get sent to my phone so it saves me from having to stay in front of the charts the whole time.