Cowabunga System Daily Update: Thursday, 09/04/08
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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 :
- 4:00am 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
Today's Surf
12:45am 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 1.7734 with a stop at the most recent swing high at 1.7756. Since I was 34 pips away from the nearest 50 or 00 level I decided to put my initial target at 1.7700.
Entry: Short at 1.7734
Stop: 1.7756
Initial Target: 1.7700
1:15am EST- Unfortunately I was stopped out of my trade.
Trade Result: -22 pips(NOT INCLUDING SPREAD) R-Multiple: -1.00
News events to watch for tomorrow :
- 8:30am EST- US Employment Report
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.
Related Posts:
- Cowabunga System Daily Update: Wednesdsay, 09/03/08 15:07 03 September 2008
- Cowabunga System Daily Update: Thursday, 11/06/08 13:22 06 November 2008
- Cowabunga System Daily Update: Thursday, 08/07/08 16:38 07 August 2008
- Cowabunga System Daily Update: Wednesday, 11/05/08 13:57 05 November 2008
- Cowabunga System Daily Update: Thursday, 09/18/08 13:56 18 September 2008
Comments (4)
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Forex Blog: Pip My System
Hey, have been watching your videos and blog for quite some time but always wondered whether you traded for a living and for how long you've done so. Thanks for your great videos ;)
Hi Pipsurfer, Thanks for sharing ur system with us. I just wanted to know what is the average drawdown you have seen while trading this system? Thanks. Keep the vidz rollin!
Hey Pipsurfer,
Love the system. thanks for all your help. Just wondering: when looking at the 4 hr chart, are you just looking for the main trend or do you need the 5 ema to cross through the 10 EMA and the RSI to be above/below 50 and the stochastics to be trending one way also? in other words, is it enough to see the main trend on the 4 hour and then move to the 15 minute chart to get confirmation from all of the studies or do you need both the 4 hr and 15 min chart to contain all of your confirmations (except the MACD on the 4 hour)?
Thank you so much,
Jon
Hey there Pip Surfer, big fan of the system :)One question though... instead of setting your take profits at the 50 and 00 levels (because i have noticed in several of your trades sometimes they are not met and reverse back to the stop loss), would it not be safer to close when the SAR reverses?