Cowabunga System Daily Update: Thursday, 10/23/08

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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 :

  • 4:30am EST- UK Retail Sales
  • 8:30am EST- US Unemployment Claims

Today’s Surf

3:30am 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 entry. The entry was at the close of the candle at 1.6285 with a stop at the most recent swing high at 1.6426. Since I was 35 pips away from the nearest 50 or 00 level, I decided to put my target at 1.6250.

Entry: Short at 1.6285

Stop: 1.6426

Initial Target: 1.6250

4:00am EST- My target wasn’t quite hit, but it was the 2nd candle in a row my target was narrowly missed. With a long down trend taking place I felt like my trade might be exhausted and exited. I exited at 1.6260.

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 1.6329 with a stop at the most recent swing high at 1.6449. Since I was 29 pips away from the nearest 50 or 00 level, I decided to put my target at 1.6300.

Entry: Short at 1.6329

Stop: 1.6449

Initial Target: 1.6300

8:00am EST- My target was hit. Price made a clean break so I trailed my stop to 1.6300 and set my next target for 1.6250.

8:15am EST- Unfortunately I was stopped out at 1.6300.

10:30am 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 1.6362 with a stop at the most recent swing high at 1.6470. Since I was only 12 pips away from the nearest 50 or 00 level (1.6350), I decided to go for the same amount of pips I was risking on the trade, which in this case was 108. This put my initial target at 1.6254.

Entry: Short at 1.6362

Stop: 1.6470

Initial Target: 1.6254

11:15am EST- My target was hit. Price made a clean break so I trailed my stop to 1.6254 and set my next target for 1.6200.

11:30am EST- My 2nd target was hit at 1.6200. Price made a clean break so I trailed my stop to 1.6200 and set my next target for 1.6150. During this same candle, my 3rd target at 1.6150 was hit so I trailed my stop to 1.6150 in hopes of getting my next target at 1.6100. Unfortunately the price continued to retrace up and stopped me out at 1.6150.

entry2

Trade Result: +0 pips R-Multiple: N/A

News events to watch for tomorrow :

  • 4:30am EST- UK Prelim GDP
  • 10:00am EST- US Existing Home Sales
  • All Day- OPEC Meeting

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.

  • alcon005

    Hey! Cowabunga dude, just want to tell you that i love your sisten, i have being trading your sistem for a while let’s say about two years now, i have learn a lot from it, but i have a simple question, i’m using the MT4 platform and i need to find out, how to set alarms so i don’t have to be in front of the computer at all times, i don’t know how. Also why in your computer/platform your able to see the US Time/clock on your bottom charts right under your candles? a’ll appreciate any info or feedback i can get from you.
    Thanks for your sistem (((COWABUNGA)))

  • alcon005

    Hey! Cowabunga dude, just want to tell you that i love your sisten, i have being trading your sistem for a while let’s say about two years now, i have learn a lot from it, but i have a simple question, i’m using the MT4 platform and i need to find out, how to set alarms so i don’t have to be in front of the computer at all times, i don’t know how. Also why in your computer/platform your able to see the US Time/clock on your bottom charts right under your candles? a’ll appreciate any info or feedback i can get from you.
    Thanks for your sistem (((COWABUNGA)))