Cowabunga System Daily Update: Tuesday, 10/28/08

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 :

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

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 went from positive to negative. This was a valid entry. The entry was at the close of the candle at 1.5565 with a stop at the most recent swing high at 1.5750. Since I was 15 pips away from the nearest 50 or 00 level, I decided to put my target at 1.5550.

Entry: Short at 1.5565

Stop: 1.5750

Initial Target: 1.5550

3:45am EST- My target was hit at 1.5550. Price made a clean break so I moved my stop to 1.5550 and set my next target for 1.5500. During this same candle, my 2nd target was hit at 1.5500 so I trailed my stop to 1.5500 and set my next target for 1.5450. Unfortunately price didn’t get that low and I got stopped out at 1.5500.

10:00am EST- This was a news candle so I did not enter.

entry2

Trade Result: +65 pips (NOT INCLUDING SPREAD) R-Multiple: 0.35

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.

Like what you've read?
Join over 40,000 other traders who get our newsletter. Tutorials, EAs, chart setups, free forex trading systems, and more!

6 comments

  1. misterboy

    Hey, not really an important question but I was just wondering…do you trade the 4 hour cross overs? That is, do you trade when the trend change candle appears? thanks :)

    Reply
  2. misterboy

    Hey, not really an important question but I was just wondering…do you trade the 4 hour cross overs? That is, do you trade when the trend change candle appears? thanks :)

    Reply
  3. Tamiya

    A very silly question on your “clean break”.I read the FAQ on it, which says that a “clean break” is when a candle can not only touch our target level, but break through it. My question is, when a candle first touches the target, how do i know whether i should close my trade or wait for a clean break? Thanks :-)

    Reply
  4. Tamiya

    A very silly question on your “clean break”.I read the FAQ on it, which says that a “clean break” is when a candle can not only touch our target level, but break through it. My question is, when a candle first touches the target, how do i know whether i should close my trade or wait for a clean break? Thanks :-)

    Reply

Leave a Reply

Your email address will not be published. Required fields are marked *

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <strike> <strong>