Cowabunga System Daily Update: Monday, 10/27/08

Pssst…Have you heard about MeetPips.com yet?

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 :

  • 10:00am EST- US New Home Sales

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 was positive and losing value. This was a valid entry. The entry was at the close of the candle at 1.5741 with a stop at the most recent swing high at 1.5840. Since I was 41 pips away from the nearest 50 or 00 level, I decided to put my target at 1.5700.

Entry: Short at 1.5741

Stop: 1.5840

Initial Target: 1.5700

1:00am EST- My target was hit at 5700. Price made a clean break, so I moved my stop to 1.5700 and set my next target for 1.5650. On the same candle, my 2nd target was also hit at 1.5650. Price made another clean break so I trailed my stop at 1.5650 and set my next target for 1.5600.

1:15am EST- Unfortunately I was stopped out at 1.5650.

7:45am EST- There was a moving average crossover for a short trade. RSI was less than 50, Stochastics were trending down, but MACD was positive but not losing value. Instead, MACD stayed flat which cancelled out the signal. No entry.

entry2

Trade Result: +91 pips (NOT INCLUDING SPREAD) R-Multiple: 0.91

News events to watch for tomorrow :

  • 7:00am EST- UK CBI Realized Sales
  • 10:00am EST- US CB Consumer Confidence

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.

  • bigjim1958

    Hi there:
    I was wondering on the 4 hr chart, is the trend change candle color change based solely on the ema crossover?
    Do you also look the at the other indicators if you’re getting a 4 hr signal that is opposite the most recent 4 hr signal? thanks

    Jim

  • caripips

    Hi Dude, thanks for a good system. i’m a big fan of yours. have been watch your blog for some time. Today I just notice ( Monday Trade ) , your MACD is different than mine. On yours it’s up , but on mine is down. I have setup to 12,26,9 as the FAQ. but why it is opposite direction than yours ? I use ordinary MACD, i reckon that you said it must be exponential histogram. where can I find it ? – Cowabanga from Indonesia

  • caripips

    Addition to my comment above, I mean when you decide not to trade because macd is not losing value. yours is positive side. but on my macd is still on negative side. could you please advise ? thanks

  • bigjim1958

    Hi there:
    I was wondering on the 4 hr chart, is the trend change candle color change based solely on the ema crossover?
    Do you also look the at the other indicators if you’re getting a 4 hr signal that is opposite the most recent 4 hr signal? thanks

    Jim

  • caripips

    Hi Dude, thanks for a good system. i’m a big fan of yours. have been watch your blog for some time. Today I just notice ( Monday Trade ) , your MACD is different than mine. On yours it’s up , but on mine is down. I have setup to 12,26,9 as the FAQ. but why it is opposite direction than yours ? I use ordinary MACD, i reckon that you said it must be exponential histogram. where can I find it ? – Cowabanga from Indonesia

  • caripips

    Addition to my comment above, I mean when you decide not to trade because macd is not losing value. yours is positive side. but on my macd is still on negative side. could you please advise ? thanks

  • ianix

    Dude! Nice trade :) Tell me if I understand this correctly.
    1. You said that when you hit your target, you move your stop. Does this mean that when it hits your target, you enter a new trade and then set your stop to your previous target?
    2. You always enter at the opening of the candle right after the crossover candle has formed?

    Thanks! Looking forward to your next update :)

  • sanju005ind

    Hi Pip Surfer,

    Last time I asked you a question about the entry timing.
    I got it now.Thanks Pip Surfer watching your videos are a great help.Everyday I get to learn from you.Today 29th Oct 2008 at about 03:15 AM EST I was able to gain 102 Pips using the cowabunga system.Lucky for me as I am in India and I am able to work in European session and the American session. I specially love the Cable.Without your help I would be at Sea.

  • sanju005ind

    Sorry,in the previous post the date was incorrect.The crossover happened at 03:15 AM 28th October 2008.

  • 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)))

  • ianix

    Dude! Nice trade :) Tell me if I understand this correctly.
    1. You said that when you hit your target, you move your stop. Does this mean that when it hits your target, you enter a new trade and then set your stop to your previous target?
    2. You always enter at the opening of the candle right after the crossover candle has formed?

    Thanks! Looking forward to your next update :)

  • sanju005ind

    Hi Pip Surfer,

    Last time I asked you a question about the entry timing.
    I got it now.Thanks Pip Surfer watching your videos are a great help.Everyday I get to learn from you.Today 29th Oct 2008 at about 03:15 AM EST I was able to gain 102 Pips using the cowabunga system.Lucky for me as I am in India and I am able to work in European session and the American session. I specially love the Cable.Without your help I would be at Sea.

  • sanju005ind

    Sorry,in the previous post the date was incorrect.The crossover happened at 03:15 AM 28th October 2008.

  • 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)))

  • adam01

    HI,i cant find the trend change indicator for (mt4) on the website can anyone assist me,the indicator which the CANDLE COLOUR changes ,thankyou

  • adam01

    HI,i cant find the trend change indicator for (mt4) on the website can anyone assist me,the indicator which the CANDLE COLOUR changes ,thankyou