Cowabunga System Daily Update: Monday 09/15/08

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Main Trend

Current Trend= The trend remained up the entire day.

Today I only looked for long trades

News events to watch for today :

  • None

Today’s Surf

1:30am EST- There was a moving average crossover for a long trade. RSI was greater than 50, stochastics were trending up, and MACD was negative and gaining value. This was a valid entry. The entry was at the close of the candle at 1.8103 with a stop at the most recent swing low at 1.7989. Since I was 47 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.8150.

Entry: Long at 1.8103

Stop: 1.7989

Initial Target: 1.8150

3:00am EST- Unfortunately I was stopped out of my trade. Ouch!

9:15am EST- There was a signal here but MACD was already positive which cancelled out the signal. No entry.

entry2

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

News events to watch for tomorrow :

  • 4:30am EST- UK CPI
  • 8:30am EST– US CPI
  • 9:00am EST– US TIC Data
  • 2:15pm EST– FOMC Statement

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

Questions? Read the Cowabunga FAQ.

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  • Dahlia

    Ouch!

    Okay, new rule: If a trade requires a stop that could potentially wipe out an entire month’s worth of hard work, it’s a “No thanks! Next wave please!”

    Good thing I’m still studying this system and watching from the sidelines. Thanks Pip Surfer for all you do. Hope to contribute something meaningful soon :)

    Dahlia

  • Dahlia

    Ouch!

    Okay, new rule: If a trade requires a stop that could potentially wipe out an entire month’s worth of hard work, it’s a “No thanks! Next wave please!”

    Good thing I’m still studying this system and watching from the sidelines. Thanks Pip Surfer for all you do. Hope to contribute something meaningful soon :)

    Dahlia

  • ForexGambler

    Hi there. Babypips is a complete forex school at all. And I`d like to suggest a kind of conclusion certificated because last time I was searching for a job I wrote in my resume that I`m a forex graduated by Babypips and the job interviewer praised it. Thanks a lot.

  • ForexGambler

    Hi there. Babypips is a complete forex school at all. And I`d like to suggest a kind of conclusion certificated because last time I was searching for a job I wrote in my resume that I`m a forex graduated by Babypips and the job interviewer praised it. Thanks a lot.

  • DZMouloudia

    Hi there,
    Can the Bollinger Band be used as resistance and support levels in this system.
    If not what can be used to measured Resistance and support.

  • DZMouloudia

    Hi there,
    Can the Bollinger Band be used as resistance and support levels in this system.
    If not what can be used to measured Resistance and support.