Cowabunga System Daily Update: Tuesday, 10/21/08

If you haven’t done so already , go check out BabyPips’ newest creation, FreshPips.com !

Freshpips.com delivers to your e-door step the most relevant Forex news and research on the Web. The stories you see on FreshPips are submitted by site members – you and your fellow Forex traders. You then decide what’s “fresh” and what, well, sucks. Top honors – submissions placed on the main page – are given to the stories deemed fresh by the FreshPips.com community as a whole.

Check it out, register, and start submitting cool Forex stories today!

If this is your first time visiting this blog, read this first! 

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

12:45am 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 1.7174 with a stop at the most recent swing high at 1.7195. Since I was 24 pips away from the nearest 50 or 00 level, I decided to put my target at 1.7150

Entry: Short at 1.7174

Stop: 1.7195

Initial Target: 1.7150

1:15am EST- My target was hit. Price did not make a clean break of my target so I took my final profit. I exited at 1.7155.

9:45am EST- There was a moving average crossover for a short trade. RSI was less than 50, MACD was positive and losing value, but stochastics were still trending up. This cancelled out the signal and I did not enter.

entry2

Trade Result: +19 pips (NOT INCLUDING SPREAD) R-Multiple: 0.90

News events to watch for tomorrow :

  • 4:30am EST- UK MPC Minutes

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.

  • erod84

    Hey,

    I absolutely enjoy reading your blog. Do you only trade the GBP/USD pair? I got on the huge down trend this afternoon. 400 pips! Cowabunga dude!

  • JASVEER

    hi how do you decide trend change candle and different colour? thanku

  • erod84

    Hey,

    I absolutely enjoy reading your blog. Do you only trade the GBP/USD pair? I got on the huge down trend this afternoon. 400 pips! Cowabunga dude!

  • JASVEER

    hi how do you decide trend change candle and different colour? thanku