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.

entry2

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.

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  • misterboy

    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 😉

  • misterboy

    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 😉

  • j12

    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!

  • j12

    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!

  • xwowsersx

    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

  • purplepancakes

    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?

  • xwowsersx

    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

  • purplepancakes

    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?