Cowabunga System Daily Update: Wednesday, 09/17/08

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Main Trend

Current Trend= The trend remained down until 8am EST. From 4am – 8am EST, a new trend change candle formed and changed the trend from down to UP. After 8am EST, the trend remained up the rest of the day.

Today I only looked for short trades until 8am EST. After 8am EST, I only looked for long trades.

News events to watch for today :

  • 4:30am EST- UK Claimant Count Change, MPC Meeting Minutes
  • 8:30am EST- US Building Permits

Today’s Surf

1:15am 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 1.7827 with a stop at the most recent swing high at 1.7870. Since I was 27 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.7800.

Entry: Short at 1.7827

Stop: 1.7870

Initial Target: 1.7800

2:00am EST- Unfortunately I was stopped out of my trade.

4:00am EST- There was a valid signal here but because it was right before news, I did not enter. No trade.

entry2

Trade Result: +43 pips (NOT INCLUDING SPREAD) R-Multiple: 0.89

News events to watch for tomorrow :

  • 4:30am EST– UK Retail Sales
  • 8:30am EST– US Unemployment Claims
  • 10:00am EST– US Philadelphia Fed Index

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

Questions? Read the Cowabunga FAQ.

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  • ForexGambler

    “Trade Result: +43 pips (NOT INCLUDING SPREAD) R-Multiple: 0.89″ ? I hope you don`t follow my trades Pip Surfer, is it + 43 or – 43 ? Or are doing like me seeing losses as gains? Joke dude! :)

  • ForexGambler

    “Trade Result: +43 pips (NOT INCLUDING SPREAD) R-Multiple: 0.89″ ? I hope you don`t follow my trades Pip Surfer, is it + 43 or – 43 ? Or are doing like me seeing losses as gains? Joke dude! :)

  • thedentist

    Thanks for the great site.
    I prefer to trade in daily charts and thought your system outlined in the school of pipsology was superb.
    Just a couple of questions
    Does your stop loss vary according to the currency you are trading and is this based on a percentage of the average daily range.

    If you are stopped out will you re-enter if the price retraces to the original entry price (and the indicators are still in line your trade plan)

    Thanks again

  • thedentist

    Thanks for the great site.
    I prefer to trade in daily charts and thought your system outlined in the school of pipsology was superb.
    Just a couple of questions
    Does your stop loss vary according to the currency you are trading and is this based on a percentage of the average daily range.

    If you are stopped out will you re-enter if the price retraces to the original entry price (and the indicators are still in line your trade plan)

    Thanks again