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

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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 Manufacturing Production
  • 9:00am EST- Ben Bernanke Speaks
  • 10:00am EST- US Pending Home Sales

Today’s Surf

12:00am 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 1.7535 with a stop at the most recent swing high at 1.7583. Since I was 35 pips away from the nearest 50 or 00 level I decided to put my initial target at 1.7500.

Entry: Short at 1.7535

Stop: 1.7583

Initial Target: 1.7500

2:30am EST- Unfortunately I was stopped out of my trade.

4:15am EST- There was a signal here, but because it was right before news, I did not enter.

7:45am EST- There was a moving average crossover for a short trade. RSI was less than 50, stochastics were trending down, and MACD went from positive to negative. This was a valid entry. The entry was at the close of the candle at 1.7606 with a stop at the most recent swing high at 1.7666. Since I was only 6 pips away from the nearest 00 or 50 level (1.7600), I decided to go for the same amount of pips I was risking on the trade, which in this case was 60. This put my target at 1.7546.

Entry: Short at 1.7606

Stop: 1.7666

Initial Target: 1.7546

8:45am EST- Unfortunately my target wasn’t hit by this point. I knew Bernanke was speaking at 9am EST, so I closed my trade out to avoid any spikes. I exited out at 1.7597.

entry2

Trade Result: -48 +9 = -39pips(NOT INCLUDING SPREAD) R-Multiple: -1.00; 0.15

News events to watch for tomorrow :

  • 4:30am EST- UK Trade Balance

For a complete list of news events check out our News Section

Questions? Read the Cowabunga FAQ.

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  • pipandthings

    I am using Oanda but they only show a 3 hour chart…can that be used in place of the 4 hour chart for the trend?

  • fulltimetraderwanabe

    I’m using OANDA also.. and i’ve been using OANDA’s 3 hour chart for this method… its working… as long as the main purpose is to get the main trend..

  • iZar

    Fully agree with fulltimetraderwanabe ‘cos I’m an OANDA FXTrade platform user as well.

  • pipandthings

    I am using Oanda but they only show a 3 hour chart…can that be used in place of the 4 hour chart for the trend?

  • DirkH143

    You mentioned in your last video-blog that you trade more than the GBP/USD chart. Do you use the same principles and rules that you use on this chart?
    Thanks.

  • fulltimetraderwanabe

    I’m using OANDA also.. and i’ve been using OANDA’s 3 hour chart for this method… its working… as long as the main purpose is to get the main trend..

  • iZar

    Fully agree with fulltimetraderwanabe ‘cos I’m an OANDA FXTrade platform user as well.

  • MissPips

    Hi all,
    You can download a Metatrader demo that will last forever for free, and get four hour charts. Added benefit – there is a Cowabunga indicator for MT4

  • DirkH143

    You mentioned in your last video-blog that you trade more than the GBP/USD chart. Do you use the same principles and rules that you use on this chart?
    Thanks.

  • MissPips

    Hi all,
    You can download a Metatrader demo that will last forever for free, and get four hour charts. Added benefit – there is a Cowabunga indicator for MT4

  • JamesFord

    Hey… nice system. You’ve told that you have another income. What is it – if it’s not a secret ;)

  • RichRichie

    Hi Guys I’m new but I think the system is good, I have been tying some other stuff but not sucessful at the moment.Pip Surfer keep up the good work.

  • JamesFord

    Hey… nice system. You’ve told that you have another income. What is it – if it’s not a secret ;)

  • Dahlia

    Hi PipSurfter. Approximately what percent of your trades are in the Europe session verses the New York session. Great system, but just wanted to know how much sleep I can expect to get :) Thanks!

  • Dahlia

    Hi PipSurfter. Approximately what percent of your trades are in the Europe session verses the New York session. Great system, but just wanted to know how much sleep I can expect to get :) Thanks!