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.
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.
Related Posts:
- Cowabunga System Daily Update: Thursday, 09/18/08 13:56 18 September 2008
- Cowabunga System Daily Update: Monday, 08/11/08 20:28 11 August 2008
- Cowabunga System Daily Update: Tuesday, 10/21/08 14:39 21 October 2008
- Cowabunga System Daily Update: Thursday, 01/15/09 13:32 15 January 2009
- Cowabunga System Daily Update- Wednesday, 08/27/08 15:49 27 August 2008
Comments (8)
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Forex Blog: Pip My System
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
Hey hope you're well. Which platform/charting software are you using? thanks :)
Just wanted to say I really enjoy your review videos of trading, keep it up!
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.
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?
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. :)
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
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!