Cowabunga System Daily Update: Tuesday, 09/02/08


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 :



  • 10:00am EST- US ISM Index


Today's Surf


1:45am EST- There was a moving average crossover for a short trade. RSI was less than 50, stochastics were trending down, and MACD was positive and losing value. This was a valid entry. The entry was at the close of the candle at 1.7895 with a stop at the most recent swing high at 1.7936. Since I was 45 pips away from the nearest 50 or 00 level I decided to put my initial target at 1.7850.


Entry: Short at 1.7895

Stop: 1.7936

Initial Target: 1.7850


4:15am EST- My target was hit. Price did not make a clean break so I took my final profit. I exited at 1.7853


8:45am EST- There was a moving average crossover for a short trade. RSI was less than 50, stochastics were trending down, and MACD was positive and losing value. This was a valid entry. The entry was at the close of the candle at 1.7789 with a stop at the most recent swing high at 1.7856. Since I was 39 pips away from the nearest 50 or 00 level I decided to put my initial target at 1.7750.


Entry: Short at 1.7789

Stop: 1.7856

Initial Target: 1.7750


9:45am EST- My target was not hit by this time. Since news was coming out at 10:00am EST, I went ahead and cut my losses and exited my trade. I got out at 1.7827.


entry2


Trade Result: +42 -38= +4 pips(NOT INCLUDING SPREAD) R-Multiple: 1.02; -0.56


News events to watch for tomorrow :


  • 4:30am EST- UK Services PMI

  • 10:00am EST- US Factory Orders


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.

Comments (1)

Hey Pip Surfer Just wondering, in your videos, a purple trend change pip appears is that a unique feature of charting software or is it some kind of indicator, say like SAR but represented in a different manner.

Post a Comment

You are not signed in. You need to have a user name to post comments. Please sign in. If you don't have one yet, please register. It's free!

(If you haven't left a comment here before, you may need to be approved by the site owner before your comment will appear. Until then, it won't appear on the entry. Thanks for waiting.)

"You cannot discover new oceans unless you have the courage to lose sight of the shore."
Origin Unknown
Clicky Web Analytics