Cowabunga System Daily Update: Monday, 10/06/08

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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 :

  • None

Today’s Surf

7:00am 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 1.7573 with a stop at the most recent swing high at 1.7606. Since I was 23 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.7550.

Entry: Short at 1.7573

Stop: 1.7606

Initial Target: 1.7550

7:45am EST- Unfortunately I was stopped out of my trade.

9:00am 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 1.7560 with a stop at the most recent swing high at 1.7648. Since I was only 10 pips away from the nearest 50 or 00 level (1.7550), I decided to go for the same amount of pips I was risking on the trade, which in this case was 88. This put my initial target at 1.7472

Entry: Short at 1.7560

Stop: 1.7648

Initial Target: 1.7472

10:00am EST- My target was hit at 1.7472 and made a clean break. I trailed my stop to 1.7472 and set my next target for 1.7450. Still within this candle, my target at 1.7450 was hit, so I trailed my stop to that level and set my next target for 1.7400.

10:15am EST- My target at 1.7400 was hit and price made a clean break. I trailed my stop to 1.7400 and set my next target for 1.7350. Still within this candle, my target at 1.7350 was hit, but this time did not make a clean break. I manually exited my trade and was able to get out at 1.7360.

entry2

Trade Result: -33 +200= +167 pips (NOT INCLUDING SPREAD) R-Multiple: -1.00; 2.27

News events to watch for tomorrow :

  • 4:30am EST- UK Manufacturing Production
  • 1:15pm EST- Bernanke Speaks
  • 2:00pm EST- FOMC Meeting Minutes

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

Questions? Read the Cowabunga FAQ.

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  • Pepepips

    Hello Pip Surfer,
    I’m kind of new to the forex market and I have been experimenting with your system on a practice account and it has helped me so much in this process of learning about the forex market. I just have a question:
    I see that you adjust your stop according to either if it did a “clean break” or not. What exactly do you look for in order to keep it open and move your stop to a different level?
    Thanks for all the daily videos that are of great help.
    Pepe, from Tijuana, Mexico.

  • x4try

    Hey Cowabunga,
    I’ve been demo-ing MT.I’m trying to trade you system…but I’m unable to find a program which allows a user to user more than 2 colors on their candlesticks…..
    I was wondering what program you use? & how do you set up the candle colors?

  • Pepepips

    Hello Pip Surfer,
    I’m kind of new to the forex market and I have been experimenting with your system on a practice account and it has helped me so much in this process of learning about the forex market. I just have a question:
    I see that you adjust your stop according to either if it did a “clean break” or not. What exactly do you look for in order to keep it open and move your stop to a different level?
    Thanks for all the daily videos that are of great help.
    Pepe, from Tijuana, Mexico.

  • x4try

    Hey Cowabunga,
    I’ve been demo-ing MT.I’m trying to trade you system…but I’m unable to find a program which allows a user to user more than 2 colors on their candlesticks…..
    I was wondering what program you use? & how do you set up the candle colors?

  • therbcoe

    Hey Now!!

    I noticed a 2 week absence.
    Were you on vacation?

    Looking through other posts I generally notice people tend more to catalogue their successes and sort of disappear while experiencing a downturn.

    Downturn or vacation?

    Thanks!

  • therbcoe

    Please disregard my last.
    I should have checked the video before posting.
    Glad you’re feeling better.

  • therbcoe

    Hey Now!!

    I noticed a 2 week absence.
    Were you on vacation?

    Looking through other posts I generally notice people tend more to catalogue their successes and sort of disappear while experiencing a downturn.

    Downturn or vacation?

    Thanks!

  • therbcoe

    Please disregard my last.
    I should have checked the video before posting.
    Glad you’re feeling better.