Cowabunga System Daily Update: Thursday, 09/11/08

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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 :

  • 4:45am EST- MPC Treasury Committee Hearings
  • 8:30am EST- US Trade Balance

Today’s Surf

4:30am EST- There was a valid signal here but because it was before news, I did not enter.

10:00am 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 1.7527 with a stop at the most recent swing high at 1.7588. Since I was 27 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.7500.

Entry: Short at 1.7527

Stop: 1.7588

Initial Target: 1.7500

10:45am EST- My target was hit. Price did not make a clean break, so I took my final profit. I exited at 1.7503.

entry2

Trade Result: +24 pips (NOT INCLUDING SPREAD) R-Multiple: 0.39

News events to watch for tomorrow :

  • 4:30am EST- US Retail Sales; US PPI
  • 9:55am EST- US Consumer Sentiment

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.

  • andyhawes

    I used the cowabunga system to go short on eur/use today. I used 1 min chart to find a nice swing high entry so when I opened the position I was immediately in profit. I ended up with 25 pips from that single trade! Thanks so much for the system and an excellent website

  • misterboy

    Hey hope you’re well. Which platform/charting software are you using? thanks :)

  • mykungfuisgood

    Just wanted to say I really enjoy your review videos of trading, keep it up!

  • jgoodwin

    Hey PipSurfer:

    Thank you for the video explanations of your trading. It has really helped me a lot. My question is: Using the Cowabunga System, does the system require 2 or more candles on the 4 hour chart to signal a reversal or is 1 good candle good enough. I have been using your system on USD/JPY to good success (got 44pips today). Thank you again.

  • andyhawes

    I used the cowabunga system to go short on eur/use today. I used 1 min chart to find a nice swing high entry so when I opened the position I was immediately in profit. I ended up with 25 pips from that single trade! Thanks so much for the system and an excellent website

  • misterboy

    Hey hope you’re well. Which platform/charting software are you using? thanks :)

  • mykungfuisgood

    Just wanted to say I really enjoy your review videos of trading, keep it up!

  • jgoodwin

    Hey PipSurfer:

    Thank you for the video explanations of your trading. It has really helped me a lot. My question is: Using the Cowabunga System, does the system require 2 or more candles on the 4 hour chart to signal a reversal or is 1 good candle good enough. I have been using your system on USD/JPY to good success (got 44pips today). Thank you again.

  • RichRichie

    Hey PipSurfer: Why can’t we use the system when there is a retracement? I realize you only use the system in the direction of the trend. Why?

  • -Conan-

    Shame that you missed out on another 40+ pips but like you always say, you have to follow your trade rules. Thanks again for the update. :)

  • RichRichie

    Hey PipSurfer: Why can’t we use the system when there is a retracement? I realize you only use the system in the direction of the trend. Why?

  • -Conan-

    Shame that you missed out on another 40+ pips but like you always say, you have to follow your trade rules. Thanks again for the update. :)

  • Dahlia

    Hi Pip Surfer,

    How many years have you sucessfully used this system? In your experience, what was the max number of consecutive losing months for this system?

    Thanks, and you’ve got a new fan for your dedication to this blog!

    Dahlia

  • Dahlia

    Hi Pip Surfer,

    How many years have you sucessfully used this system? In your experience, what was the max number of consecutive losing months for this system?

    Thanks, and you’ve got a new fan for your dedication to this blog!

    Dahlia

  • ForexGambler

    Hi Pip Surfer, nice blog and nice easy-to-understand trading system. What if the MA 5 do not cross the 10 MA but only stays with the same value do you wait for the next candle to enter a position? I also have a blog but I think it`s not a convetional forex blog, whatever, if you`d like to check it, http://forexgambler.blogspot.com/ see you dude!

  • ForexGambler

    Hi Pip Surfer, nice blog and nice easy-to-understand trading system. What if the MA 5 do not cross the 10 MA but only stays with the same value do you wait for the next candle to enter a position? I also have a blog but I think it`s not a convetional forex blog, whatever, if you`d like to check it, http://forexgambler.blogspot.com/ see you dude!