Cowabunga System Daily Update: Thursday, 10/16/08

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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 :

Today’s Surf

12:00am 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 signal. The entry was at the close of the candle at 1.7265 with a stop at the most recent swing high at 1.7354. Since I was 15 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.7250.

Entry: 1.7265

Stop: 1.7354

Target: 1.7250

12:15am EST- My target was hit. Price didn’t make a clean break of my target so I took my final profit. I exited at 1.7245

1:30am EST- There was a moving average crossover for a short trade. However, stochastics were still trending up and MACD was already negative. This cancelled out the signal and I did not enter.

5:30am 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 signal. The entry was at the close of the candle at 1.7221 with a stop at the most recent swing high at 1.7281. Since I was 21 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.7200.

Entry: 1.7221

Stop: 1.7281

Target: 1.7200

6:45am EST- My target was hit. Price didn’t make a clean break so I took my final profit. I exited at 1.7205.

9:00am EST- There was a valid signal here but because it was a news candle I did not enter.

entry2

Trade Result: +20 +16= +36 pips (NOT INCLUDING THE SPREAD) R-Multiple: 0.22; 0.26

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.

  • Pips-ahoy

    Could you play your introductory theme song music just a little longer with each update–maybe 15 seconds or so? Really like that music!! Seriously. Thanks. Happy pippin.

  • coolzhu

    hi,

    it seems that at 12:45am there is valid entry, why you didn’t enter a trade there?

    xinquan

  • Pips-ahoy

    Could you play your introductory theme song music just a little longer with each update–maybe 15 seconds or so? Really like that music!! Seriously. Thanks. Happy pippin.

  • coolzhu

    hi,

    it seems that at 12:45am there is valid entry, why you didn’t enter a trade there?

    xinquan

  • goompa

    I’ll have to look back in babypips.com school but I’m unsure of what a trend change candle is. Do you mind clarifying that please.
    Thanks heaps
    Goompa.

  • john5246

    There’s some confusion about the Stoch settings pipsurfer. I asked the setting a few days ago and you said the settings were simple. However mine did not give the correct signal like yours at 1:30. My stochastics had already crossed. Also my MACD was Positive on the last candle where yours was negative. My settings were different than your on both MT4 and FXCM Trading Station. I’ll post this on the forum if you know why they look different off the top of you head maybe you can address it in the video. Otherwise I’m sure someone on the forum would know.

    Surf’s Up! John

  • goompa

    I’ll have to look back in babypips.com school but I’m unsure of what a trend change candle is. Do you mind clarifying that please.
    Thanks heaps
    Goompa.

  • john5246

    There’s some confusion about the Stoch settings pipsurfer. I asked the setting a few days ago and you said the settings were simple. However mine did not give the correct signal like yours at 1:30. My stochastics had already crossed. Also my MACD was Positive on the last candle where yours was negative. My settings were different than your on both MT4 and FXCM Trading Station. I’ll post this on the forum if you know why they look different off the top of you head maybe you can address it in the video. Otherwise I’m sure someone on the forum would know.

    Surf’s Up! John

  • JamesFord

    Hi. Are you going to update the Track Record? Thanks..

  • JamesFord

    Hi. Are you going to update the Track Record? Thanks..

  • LarrySkyy

    What about the risk to reward ratio? For instance the stop loss set at 60 pips and the profit target set at 20 pips.Okay, so you’re going to get out at the next crossover, or when the rsi crosses back over 50. You’re not going to let it get to losing 60 pips, right?
    Thanks!!

  • LarrySkyy

    What about the risk to reward ratio? For instance the stop loss set at 60 pips and the profit target set at 20 pips.Okay, so you’re going to get out at the next crossover, or when the rsi crosses back over 50. You’re not going to let it get to losing 60 pips, right?
    Thanks!!

  • faithpips

    hello..great site! how can one program the ema crosses..I use forex.com,fxcm, and esignal. I will like to customize and set alerts when I am at work. I don’t have the xtick, tried the alertfx with no success and I am not sure if there is a software out there that can program and alert me on the moving average crosses. Thanks for your assistance and the job you are doing on this site.

  • faithpips

    hello..great site! how can one program the ema crosses..I use forex.com,fxcm, and esignal. I will like to customize and set alerts when I am at work. I don’t have the xtick, tried the alertfx with no success and I am not sure if there is a software out there that can program and alert me on the moving average crosses. Thanks for your assistance and the job you are doing on this site.

  • mastersnap

    Pipsurfer! Been following you now for a while and I was wondering if you could tell us what your “main” system is? The reason I ask is because on your video on 10-18 you said that Cowabunga was not meant to be our main trade, but to add to it. Surf on! :)

  • mastersnap

    Pipsurfer! Been following you now for a while and I was wondering if you could tell us what your “main” system is? The reason I ask is because on your video on 10-18 you said that Cowabunga was not meant to be our main trade, but to add to it. Surf on! :)