Cowabunga System Daily Update: Wednesdsay, 09/03/08

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Main Trend

Current Trend= The trend remained down the entire day.

Today I only looked for short trades

News events to watch for today :

  • 4:30am EST- UK Services PMI
  • 10:00am EST- US Factory Orders
  • 2:00pm EST- US Beige Book

Today’s Surf

11:00am 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 1.7747 with a stop at the most recent swing high at 1.7819. Since I was 47 pips away from the nearest 50 or 00 level I decided to put my initial target at 1.7700.

Entry: Short at 1.7747

Stop: 1.7819

Initial Target: 1.7700

1:45am EST- My target wasn’t hit by this time. Since news was coming out at 2:00pm EST, I decided to close out my trade. I exited at 1.7726.

entry2

Trade Result: +21 pips(NOT INCLUDING SPREAD) R-Multiple: 0.29

News events to watch for tomorrow :

  • 4:00am EST- UK Halifax HPI
  • 7:00am EST- UK Bank Rate Statement
  • 8:15am EST- US ADP Non farm employment change
  • 8:30am EST- US Revised Non Farm Productivity, Unemployment Claims
  • 10:00am EST- US ISM Non Manufacturing PMI

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.

  • o0roman0o

    Great system, my question is how do you get a chance to sleep. If you are using your alerts to wake you up, an active day/night you probably don’t sleep as your phone will keep waking you up. Second question why does action begin at midnight when its 5am there and most American and British brokers are sleeping.

  • scottik187

    Nice system – simple and effective.

    I see that your trading off a 15min chart, what timeframe do you have your EMA set to?

    Thanks,
    s

  • o0roman0o

    Great system, my question is how do you get a chance to sleep. If you are using your alerts to wake you up, an active day/night you probably don’t sleep as your phone will keep waking you up. Second question why does action begin at midnight when its 5am there and most American and British brokers are sleeping.

  • scottik187

    Nice system – simple and effective.

    I see that your trading off a 15min chart, what timeframe do you have your EMA set to?

    Thanks,
    s

  • easttech

    This is a great system. How long have you been trading it? I would like to refer folks to this blog from my http://www.forexboost.com site. I think they would like this a lot.

    Thanks,
    Andrew

  • easttech

    This is a great system. How long have you been trading it? I would like to refer folks to this blog from my http://www.forexboost.com site. I think they would like this a lot.

    Thanks,
    Andrew