Cowabunga System Daily Update: Wednesday, 10/15/08

Posted 14:24 15 October 2008 | 3


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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 :


Today's Surf


5:15am 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 signal. The entry was at the close of the candle at 1.7479 with a stop at the most recent swing low at 1.7421. Since I was 21 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.7500.


Entry: 1.7479

Stop: 1.7421

Target: 1.7500


5:30am EST- My target was hit. Price didn't make a clean break of my target so I took my final profit. I exited at 1.7500.


10:30am EST- There was almost a signal here but Stochastics were still trending down. This cancelled out the signal and there was no entry.


entry2


Trade Result: +21 pips (NOT INCLUDING THE SPREAD) R-Multiple: 0.36


News events to watch for tomorrow :


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.

Comments (3)

Cowabunga dude, I took the same trade as you at 1.7479, but I rode that wave a little higher for +53pips. I see you stuck to your rules and didn't want to get wiped out by the wave cuz that's always a bummer. But hey I'm sure you can take the extra time to wax the board and surf again tomorrow. I've been trading the MA cross over for a few years now, my question is in your particular system why do you use "00" and "50" levels. Do they have some particular significance?? How do you determine in the cowabunga system when to take profit at "00/50" or when to adjust based on the risk from the last swing down as to keep a good risk/reward ratio? Could you update the FAQ with this? Thanks dude, if I get wiped out in FX you can have my board. John
john5246 | Posted 07:42 16 October 2008
Hi there! Thanks for the updates! I'm a newbie and following your system. If in case I missed to enter the market during the crossover, how many 15min candles far from the crossover can I still enter?
ianix | Posted 11:06 16 October 2008
Hey I took the 5:15am BUY today too, and made over 60 pips! I just kept moving my stoploss up 50 pips behind the price action until I thought it looked to be turning south. The Cowabunga system gives great entry signals. This system alone has improved my trading on GBP/USD, EUR/USD and I even used it some on the Dow today! Awesome dude!
andyhawes | Posted 12:14 16 October 2008

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